A 725-km interconnector between the United Kingdom and Germany has reached financial close, which will pave the way for construction work to start in the upcoming months. The 2.4 billion pounds interconnector will form an invisible energy highway with subsea cables that allows around 1.4 gigawatts of electricity to flow in both directions between Germany and the United Kingdom.
It will help to deliver a more secure and resilient energy supply, specifically, as more renewable energy generation is added. Independent analysis of the project shows it will create more than 1.7 billion pounds in UK consumer benefits for more than 25 years. NeuConnect is led by global investors including Allianz Capital Partners (Germany), Meridiam (France), and Kansai Electric Power (Japan).
The interconnector had attracted significant interest from the international financial community, before it reached financial close with a consortium of over 20 national and international banks and several other financial institutions.
The interconnector will help both countries to ensure better utilisation of offshore wind energy capacities on their coasts, thereby providing support to the renewable energy policies of the European Union and Germany.
Greg Hands, energy and climate change minister of the United Kingdom, said Russia’s illegal invasion of Ukraine shows it is important that they strengthen close energy bonds with their European partners who are rapidly moving away from using gas from Russia.
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