EIB and TenneT sign € 250 million loan for the construction of an electricity transmission corridor in the Netherlands
The European Investment Bank (EIB) signed a loan agreement of 250 million euros with TenneT Holding BV. the transmission of increasing amounts of offshore wind energy to users in the Netherlands and beyond. The new electricity transmission corridor will double the capacity of the existing 220 kV circuit. The EIB-financed transport corridor includes a new 380kV line from Eemshaven to Vierverlaten, combined with a 110kV line on part of the route, and a new 380 / 220kV substation in Vierverlaten.
Once the new transmission lines are operational in 2024, the existing smaller capacity lines along the same route will be decommissioned and the project will result in an overall doubling of the capacity of the existing 220 kV circuit. The new grid connection will help avoid congestion on the high voltage grid in the Netherlands, especially once the nearby developing wind farms are put into operation and the project will further facilitate the transfer of green electricity to the Netherlands. demand centers. Eemshaven is already an important power generation center in the Netherlands and this position will only grow stronger as, for example, it was recently also designated as a landing point for the offshore wind farm project “Ten noorden van de Waddeneilanden “(700 MW), by the Dutch Ministry of Economic Affairs.
“Supporting clean energy transport is one of the main objectives of the EIB, as the European Climate Bank,” said EIB Vice-President Kris Peeters. “The Netherlands’ ambitious renewable energy production targets would require more investment in the transmission grid and I am delighted that the EIB can help provide funding to help achieve these targets. This project will help provide safe and sustainable electricity to users across the Netherlands and beyond. “
Otto Jager, CFO of TenneT, added: “TenneT is one of the biggest investors in the European energy transition and long term partners as the EIB is needed to help finance this. Today’s transaction underlines our close relationship with the EIB and we are proud that the EIB is funding this corridor, which has been described as a project of common interest of the European Union. “
The EIB has increased its total loan commitment to TenneT, which now stands at € 1.8 billion. The EIB is TenneT’s largest lender. The EIB’s commitments are foreseen for the modernization and extension of TenneT’s electricity transmission networks in the Netherlands and Germany as well as (transnational) interconnections.