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EU invests €100m in bonds in German-Norway power interconnector

Posted at August 14, 2018 » By : » Categories : News » Comments Off on EU invests €100m in bonds in German-Norway power interconnector

The European Investment Bank (EIB) has invested €100 million (£89m) in bonds to support the electricity interconnector between Germany and Norway.

Nordlink will have a total capacity of 1.4GW and is being developed by Norway’s Stanett and DC Nordseekabel, which is equally owned by TenneT and German bank KfW.

Once completed, the 624-km interconnector is expected to improve diversification and security of supply and enhance electricity market integration in both countries.

Maroš Šefčovič, European Commission Vice President 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.”

Article source: http://www.energylivenews.com/2018/08/14/eu-invests-e100m-in-bonds-in-german-norway-power-interconnector/

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