The European Investment Bank (EIB) will provide a €350m ($373.7m) loan to transmission system operator TenneT to finance the 1.4GW “NordLink” interconnection between Germany and Norway across the North Sea.
The 624kms-long link is slated to improve diversification and security of supply and enhancing electricity market integration in both countries, and more widely between Northwest Europe and Scandinavian countries.
“Security of electricity supply and effective use of renewable energy will be improved significantly,” says EIB vice president Ambroise Fayolle.
