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    Reference: 20210059
    Release date: 26 May 2021

    Promoter – Financial Intermediary

    TENNET HOLDING BV

    Location

    Description

    The project comprises the construction of a c. 41-km long electricity transmission corridor from Eemshaven to Vierverlaten, in the north of the Netherlands. It includes a new 380kV line from Eemshaven to Vierverlaten, combined with a 110kV line for part of the route, and a new 380/220kV substation in Vierverlaten.

    Additionality and Impact

    The project comprises the construction of a 41km-long electricity transmission corridor from Vierverlaten to Eemshaven, in the Netherlands. It will increase the capacity of the Dutch electricity transmission system, ensure compliance with the Dutch Grid Code for this part of the network and support the integration of cross-border connection into the Dutch grid. It is fully consistent with and supports national and EU policies on energy and climate. It helps addressing the market failure caused by negative environmental externalities, by enabling the future integration of renewable generation, while also contributing to the provision of a public good (security and reliability of supply), by enhancing a critical infrastructure for decarbonisation.
    The project's results are deemed good in terms of economic welfare by virtue of the benefits it generates, as well as from the environmental, social, and governance viewpoints.
    The financing of the EIB is functional to enabling the ambitious CAPEX plan that the Promoter foresees as fundamental for the transition to a decarbonised economy. The EIB contribution materialises in terms of diversification of sources of funds, attractive financing conditions, and signalling to markets.

    Objectives

    The overall purpose of the project is to increase the Netherland's electricity transmission capacity and to enable the evacuation of power from offshore wind farms.

    Sector(s)

    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 250 million

    Total cost (Approximate amount)

    EUR 527 million

    Environmental aspects

    The potential environmental impacts of the project include visual impact, vegetation clearance, electromagnetic fields, noise nuisance, and birds' collision and electrocution. The project falls under Annex I of the EIA directive, thus requiring an environmental impact assessment (EIA). The Environmental Impact Studies (EISs) have been prepared and the relevant approvals have been issued by the competent authorities. The EIS(s) and the planned mitigation measures will be reviewed during appraisal.

    Procurement

    The Bank will require the Promoter to ensure that contracts for the implementation of the project have been and will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/25/EU where applicable), 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 - 16/09/2021

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    The Netherlands Energy