Release date: 27 August 2021
Promoter – Financial Intermediary
SPECIAL PURPOSE ENTITY(IES)/FUNDLocation
Description
The proposed project concerns the implementation of a High Voltage Direct Current (HVDC) link interconnecting England and Germany across the North Sea. The project will have a rated capacity of 1400 MW, DC voltage of 525 kV and a total route length of 720 km, of which 706 km offshore. The offshore route of the project crosses German, Dutch and British waters.
Objectives
The project will be the first interconnector between Germany and the UK, facilitating electricity trade between the EU and the UK and contributing to the integration of high shares of renewables across the North Sea. It will support EU and German renewable policies, which imply to reach a share of at least 60% of renewables by 2030 in the electricity sector, and in particular the EU Offshore Renewable Energy Strategy. The project will enable to reduce carbon emissions and will contribute to meet the European greenhouse gas (GHG) emission reduction target.
Sector(s)
- Energy - Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
EUR 381 million
Total cost (Approximate amount)
EUR 2401 million
Environmental aspects
The route of the project will be implemented entirely underground/undersea and therefore the project falls under neither Annex I nor Annex II of the Environmental Impact Assessment (EIA) Directive. The installation and operation of the Ppoject have the potential for some adverse impacts through marine habitat damage or loss, noise, chemical pollution, heat and electromagnetic field emissions and entanglement of marine species. Environmental impact studies have been carried out and appropriate measures will be taken to avoid, mitigate and compensate the impacts.
Procurement
The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation, (i.e. Directive 2004/17/EC / Directive 2004/18/EC where applicable, as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.
Status
Signed - 21/07/2022
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).