TenneT nails €500m EIB loan
The European Investment Bank and transmission system operator (TSO) TenneT today signed an agreement over a €500m ($686m) loan to fund grid connections from the German coast to North Sea offshore wind clusters.
The financing is intended for the 576MW HelWin1, the delayed 800MW DolWin1, and the delayed 864MW SylWin1 offshore grid links that are slated to connect various North Sea wind parks to the mainland.
The loan, first agreed in principle in October, is vital for TenneT to catch up with delays the TSO incurred with key grid connections that have slowed Germany’s ambitious plans to build up a sizeable offshore wind capacity.
Financial shortcomings at TenneT and misjudgements over the duration of construction works for offshore links by companies supplying converter platforms were among the factors behind the slippage.