Power Grid

12 Mar 2020

TenneT Inks €250m Dutch Grid Deal with EIB

12 Mar 2020  by Renews.BIZ   

TenneT has signed a €250m loan agreement with the European Investment Bank to fund a key onshore grid project that will enable the transmission of increasing amounts of offshore wind power in the Netherlands.

The grid operator said the cash will be spent on the construction of a new 380kV transmission line for the Zuidwest 380kV project, which will connect Borssele to a new substation at Rilland.

Power will flow from the 1.4GW Borssele offshore wind zone and the new onshore work will help to avoid congestion.

“The Netherlands’ ambitious targets for renewable energy generation require more investment in the transmission network.” said EIB vice-president Andrew McDowell.

“That’s why the EIB, as the EU Climate Bank, is pleased to support this project.”

TenneT chief financial officer Otto Jager added: "The switch from traditional fossil fuels to renewable energy sources is one of the biggest challenges the world is currently facing. It is an immense task for transmission system operators.

“This project in the southwest of the Netherlands will support us in maintaining our strong track record in the availability of our electricity grids. At the same time, this connection facilitates the integration of sustainable offshore wind energy into the Dutch electricity system."

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