The European Investment Bank has invested €100m in bonds supporting the 1.4GW Nordlink interconnector between Germany and Norway.
The purchase of hybrid securities from transmission operator TenneT was backed by the European Fund for Strategic Investments.
The 624km HVDC link will run between Tonstad in Norway and Wilster in the German state of Schleswig-Holstein, enabling the exchange of German wind energy and Norwegian hydropower.
It is a 50:50 joint venture between Norwegian transmission system operator Statnett and DC Nordseekabel, which is equally owned by TenneT and the German development bank KfW.
DC Nordseekabel is responsible for the construction of the German part of the project.
EIB vice-president Ambroise Fayolle said: “This interconnector is a major project in a world where renewable energy is of such importance.
“This last step completes the EIB support for this project, which is exactly the type of project the EIB was set up to do 60 years ago.
“The security of supply and effective use of renewable energy remain high on the agenda for EIB financing and we are glad that this aligns completely with the objectives of the EFSI.
“We are excited that we are able to support this project while participating in TenneT’s hybrid bond . . . alongside other investors.”
Image: TenneT
EIB money flows to Nordlink
By EBS