News // Power Grids
Juncker Plan supports Nordlink interconnector with €100 million EIB investment
15 August 2018 , 10:10Neftegaz.RU525
Brussels, August 15 - Neftegaz.RU. The European Investment Bank (EIB) has signed a €100 million financing agreement with TenneT, a leading European electricity transmission system operator, to support the construction of an electricity interconnector between Norway and Germany.
The transaction is backed by the Juncker Plan's European Fund for Strategic Investments (EFSI). The interconnector will span 624 kilometres, linking Norway and Germany across the North Sea.
It will have a capacity of 1,400 megawatts, significantly improving the diversification and security of supply in both countries, thereby further enhancing electricity market integration.
Vice-President Maroš Šefčovič, responsible for the Energy Union, said: «We need forward-looking investments into modern energy infrastructure with adequate interconnections, in particular to integrate renewables into the grid. It is a vital element of our energy security as well as our climate action. This smart combination of renewable power generation – solar and wind in Germany and hydroelectric in Norway – underlines our firm commitment to bring clean power to millions of people.»
Otto Jager, TenneT’s Chief Financial Officer, added: «Today’s transaction underlines the further deepening of our strong relationship with the EIB. In addition to the senior commitments of EUR 1.5bn, the EIB today supports one of the most challenging projects for the establishment of an interconnected renewable energy market in Europe. We are proud that we are the first issuer of a market hybrid bond with the EIB as participant and we are looking forward to further extend our relationship with the EIB in the near future.»
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