EIB backs Norway-Germany power link

• 5 years ago (2018-08-17)
• David Flin

Europe 1068 Transmission 181

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The European Investment Bank (EIB) has signed a €100 million financing agreement with TenneT for the construction of an electricity link between Norway and Germany. The European Commission said that the 624 km interconnector, of which 516 km would run under the North Sea, would have a capacity of 1.4 GW.

The EC said that the link would improve diversification and security of supply while enhancing electricity market integration in both countries.

Maroš Šefčovič, Vice President and Energy Union head for the EC, said: “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. Forward-looking investments into modern energy infrastructure with adequate interconnections are needed to integrate renewable energy sources into the grid. It is a vital element of our energy security as well as our climate action.”

Norway’s Stenett and TenneT will develop the NordLink high-voltage direct current (HVDC) interconnection in partnership. Stannet will take 50 per cent ownership of the project, while DC Nordseekabel – owned by TenneT and German development bank KfW – will control the remaining 50 per cent.