The European Investment Bank (EIB) has today announced it will provide €400 million (£342m) to support a new planned interconnector connecting Germany and the UK.
The €2.8 billion (£2.4bn) NeuConnect project, which is expected to start operation in 2028, is set to become the first interconnector between Germany and the UK.
The 1.4GW project will have a route length of 725 kilometres and will connect a converter station and German grid interface to Tennet’s electricity network near Fedderwarden, and a converter station and grid interface on the Isle of Grain in the UK to the National Grid ESO network.
EIB Vice-President Ambroise Fayolle said: “This project is ground-breaking for the energy transition, as it makes it possible to use offshore wind energy more efficiently.
“Cross-border electricity trade can help redirect power to where it is most needed and can thus contribute to the integration of renewables and the stability of the energy supply.”