New German-U.K. Power Link Gets $406 Million Funding From EIB

The European Investment Bank will provide 400 million euros ($406 million) to help finance an interconnector that will link German and UK electricity grids for the first time.

The financing from the European Union’s lending arm is part of a group of 20 international investors led by Allianz Capital Partners that together will provide 2.8 billion euros for the power cable project. The link, dubbed “NeuConnect,” is expected to start commercial operations in 2028.

The EIB’s funding comes as European countries race to source power and fuel supplies in the region’s worst energy crisis in decades. NeuConnect is designed to ensure better use of the offshore wind capacities in the North Sea, which will also help reduce carbon emissions and help meet the EU’s goal of achieving climate neutrality by mid-century.

“Cross-border electricity trade can help redirect power to where it is most needed, and can thus contribute to the integration of renewables and the stability of the energy supply,” said Ambroise Fayolle, vice-president at EIB.

Opportunities don’t happen, you create them. Congratulations to the entire team at NeuConnect on your funding. All the best in this endeavour, I wish you great success.

Shishir Gupta, Founder and CEO, StartupLanes

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