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Released June 07, 2017 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The European Investment Bank (EIB) has signed a 300 million euro ($335 million) loan agreement to help complete NordLink, the first electricity interconnection project between Germany and Norway.
The loan has been made to Norwegian transmission system operator (TSO) Statnett (Oslo), which is working with grid operator TenneT TSO BV (Arnhem, Netherlands) and Germany's state-owned development bank, KfW, on the NordLink interconnector project.
The EIB vice president responsible for Energy, Andrew McDowell, commented: "The security of supply and effective use of renewable energy remain high on the agenda for EIB financing. Germany has long regarded the sustainability of the energy it uses as very important and the interconnector will allow it to import Norwegian hydro energy when needed, while also allowing exportation of its own surplus renewable generation towards Scandinavia. The EU Bank has set itself the goal of channelling at least 25% of its investments towards climate action relevant projects, and this project is a perfect example of how seriously we take this."
The high-voltage direct-current (HVDC) NordLink cable has a capacity of 1,400 megawatts (MW) and will run from Wilster in Schleswig-Holstein, and Tonstad in Norway. It will run for 623 kilometers (km), of which 516 km will be along the seabed. It is designed to harness excess renewable energy and share it when demand is high. The project is expected to cost between 1.5 billion and 2 billion euro ($1.7-$2.7 billion). Industrial Info reported on the project's groundbreaking ceremony in September last year. For additional information, see September 22, 2016, article - Groundbreaking at Norway-Germany Interconnection Project.
"With a total investment of 1.5 to 2 billion euros, the NordLink interconnector is one of Statnett's largest investments," explained Knut Hundhammer, chief financial officer of Statnett. "This project is a major step towards a more climate-friendly and integrated energy system, and contributes to more renewable energy in both countries. The participation of EIB in funding the project is a great advantage and adds a significant part of Statnett's funding portfolio. Nordlink is the third interconnector that the EIB has helped Statnett finance, and we strongly appreciate EIB's continued commitment and support to help finance a more electric and climate-friendly future."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The loan has been made to Norwegian transmission system operator (TSO) Statnett (Oslo), which is working with grid operator TenneT TSO BV (Arnhem, Netherlands) and Germany's state-owned development bank, KfW, on the NordLink interconnector project.
The EIB vice president responsible for Energy, Andrew McDowell, commented: "The security of supply and effective use of renewable energy remain high on the agenda for EIB financing. Germany has long regarded the sustainability of the energy it uses as very important and the interconnector will allow it to import Norwegian hydro energy when needed, while also allowing exportation of its own surplus renewable generation towards Scandinavia. The EU Bank has set itself the goal of channelling at least 25% of its investments towards climate action relevant projects, and this project is a perfect example of how seriously we take this."
The high-voltage direct-current (HVDC) NordLink cable has a capacity of 1,400 megawatts (MW) and will run from Wilster in Schleswig-Holstein, and Tonstad in Norway. It will run for 623 kilometers (km), of which 516 km will be along the seabed. It is designed to harness excess renewable energy and share it when demand is high. The project is expected to cost between 1.5 billion and 2 billion euro ($1.7-$2.7 billion). Industrial Info reported on the project's groundbreaking ceremony in September last year. For additional information, see September 22, 2016, article - Groundbreaking at Norway-Germany Interconnection Project.
"With a total investment of 1.5 to 2 billion euros, the NordLink interconnector is one of Statnett's largest investments," explained Knut Hundhammer, chief financial officer of Statnett. "This project is a major step towards a more climate-friendly and integrated energy system, and contributes to more renewable energy in both countries. The participation of EIB in funding the project is a great advantage and adds a significant part of Statnett's funding portfolio. Nordlink is the third interconnector that the EIB has helped Statnett finance, and we strongly appreciate EIB's continued commitment and support to help finance a more electric and climate-friendly future."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
