The European Investment Bank (EIB) is providing a EUR 500 million corporate loan to TenneT. The EIB says the funds are being made available in connection with the construction and operation of three offshore high-voltage direct-current (HVDC) lines that will connect wind farms in the North Sea with the German onshore electricity network.
The project planned by TenneT – and now being co-financed by the EIB – comprises the HVDC lines HelWin1, SylWin1 and DolWin1 connecting offshore wind turbines with a capacity of up to 2.2 GW to the grid. Construction has already begun and is expected to be completed in 2014 and 2015.
"The bank sees the expansion of electricity networks as one of its central tasks in the coming years," explains Wilhelm Molterer, EIB's vice president responsible for German operations. "They are part of Europe's strategic infrastructure. A key element is the connection of offshore wind farms. This is also playing a decisive role in Germany's energy policy turnaround. With today's loan, the EIB is also supporting TenneT's pioneering efforts to tackle the special challenges of offshore power transmission."Â Â Â Â Â