News: EIB approves €100m interconnector from Norway to Germany

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 transaction is backed by the Juncker Plan’s European Fund for Strategic Investments (EFSI). The interconnector will span 624 kilometres, linking Norway and Germany across the North Sea. It will have a capacity of 1,400 megawatts, significantly improving the diversification and security of supply in both countries, thereby further  enhancing electricity market integration.

Vice-President Maroš Šefcovic, responsible for the Energy Union, argues that the EU 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,” he said.

Source: Energyzine