Oceanteam: No funding for Ireland-Wales interconnector

Oceanteam has not been able to clinch financing for its planned ‘East-West’ interconnector linking the electrical grids of Great Britain and Ireland, as the Norwegian company's financial problems continue to mount.

Oceanteam, which has been buried underneath an avalanche of losses on project work at offshore wind farms over the past several months, turned in an operating loss of €35.5m ($50.3m) for the first quarter of 2009. The company lost €3.2m during the same period last year.

Through its Irish subsidiary Imera, Oceanteam planned to build a €225m electrical interconnector running 135km between Arklow, Ireland and Pentir, Wales. Though the company has long insisted the cable would be finished by 2010, it now acknowledges that it has not been able to conjure the Log in to read complete article.

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