The European Investment Bank (EIB) has granted €350 million loan to TenneT to fund the development of the 1,400 MW NordLink interconnection project between Germany and Norway across the North Sea.
The 624 km bipolar HVDC link is being developed and owned equally by Norwegian transmission system operator Statnett and DC Nordseekabel, reports EBR.
Designated as a Project of Common Interest in the Priority Corridor Northern Seas Offshore Grid, the NordLink is intended to improve diversification and security of supply while enhancing electricity market integration in the two countries.
DC Nordseekabel, which is equally owned by TenneT and the German promotional bank KfW, will construct the German part of the project and will also be responsible for permits.
Scheduled to enter service in 2020, the interconnector will have capacity to provide renewable energy for more than 3.6 million German households.
Source: Energy Business Review