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.
Writing is a medium to express feelings and convey facts. A creative mind never rests in peace and this amazing platform gives me the freedom to write about what I like most.
I’ve been a writer/blogger for the last twelve years and have covered technology-related topics. However, I also have considerable years of experience in writing for various domains – Technology, Beauty, Fashion, Pharmaceutical, human psychology etc. Technology is my forte.
I’ve handled many interesting projects. Writing is my passion. As an author, I’ve learned a lot in my long journey of penning down my thoughts!
After discussions with the government, Premier League clubs have agreed to stop sponsoring their front…
Analysts reported that Novatek, a Russian natural gas producer, acquired Shell's stake in the Sakhalin-2…
The electric drivetrain of the next generation for Volkswagen's "ID" has been unveiled. Family EV.…
According to research, global egg prices are expected to remain at an all-time high until…
Ohme becomes Audi's Official UK Smart Charger Partner Ohme has been selected as Audi's new…
GM Ventures has signed a strategic agreement to develop EnergyX's lithium extraction and refinery technology,…