The European Investment Bank (EIB) has signed a €100 million financing agreement with TenneT, a leading European electricity transmission system operator, to support the construction of an electricity interconnector between Norway and Germany, the European Commission (EC) announced on Tuesday.
The Nordlink interconnector will be the first high voltage cable directly connecting German and Norwegian electricity markets.
It will span 624 kilometers, linking both countries across the North Sea, the EC said.
It will have a capacity of 1,400 megawatts, it noted, adding that the interconnector is expected to significantly improve the diversification and security of supply in both countries, thereby further enhancing electricity market integration.
'We need forward-looking investments into modern energy infrastructure with adequate interconnections, in particular to integrate renewables into the grid,' EC Vice-President, Maros Sefcovic, responsible for the Energy Union, was quoted as saying.
Renewable energy is a vital element of the EU's energy security as well as its climate action, according to Sefcovic.
'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,' he noted.
Norwegian TSO Statnett and DC Nordseekabel are developing the NordLink interconnector, each with 50 percent ownership. DC Nordseekabel is equally owned by TenneT and the German promotional bank KfW, and is responsible for the construction of the German part of the project.
By Ebru Sengul
Anadolu Agency
energy@aa.com.tr