Release date: 9 June 2009
Promoter – Financial Intermediary
BritNed Development Ltd.
(a joint venture between:
National Grid Plc, UK, and
TenneT Holding BV, NL)
Location
Description
The Project concerns the design, construction and operation of a submarine HVDC cable link across the North Sea between The Netherlands and Great Britain.
Objectives
The Project will enable the trade of electricity between The Netherlands and the UK by taking advantage of differences in the price profiles in the two markets, and would thereby contribute to the deepening of the EU internal market in electricity, increase market liquidity and decrease price volatility. Moreover, the Project is expected to offer increased security of supply to the UK power system at competitive cost.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 300 million.
Total cost (Approximate amount)
EUR 600 million.
Environmental aspects
Both the British and Dutch sides of the Project underwent environmental analysis, including appropriate biodiversity assessment, and received environmental and administrative approvals from the respective national authorities.
Procurement
The Promoter is subject to the UK public procurement legislation which complies with the requirements of the EU Directives on public procurement. The principal EPC contracts for cable manufacture & installation and converter stations were let separately in 2007 following publications in the EU Official Journal and competitive tendering. Overall the procurement procedures followed appear acceptable and in the interest of the Project.
Status
Signed - 7/12/2009
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).