The European Investment Bank (EIB) has signed a EUR 300 million loan agreement with Norwegian transmission system operator (TSO) Statnett for the completion of the Nordlink interconnector between Germany and Norway.
The €2 billion NordLink project will improve diversification and security of electricity supplies in both Germany and Norway and is one of Statnett’s largest investments. The loan agreement comes shortly after Statnett’s German counterpart, Tennet, signed a financing deal with the EIB for its part in the project.
“The security of supply and effective use of renewable energy remain high on the agenda for EIB financing,” said EIB Vice-President responsible for Energy Andrew McDowell. “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 NordLink project will link Germany and Norway via a bipolar high voltage direct current (HVDC) interconnector across the North Sea. The project will have a rated capacity of 1400 MW, terminal voltage of +/- 500 kV and a total length of 624 km.