NeuConnect wins the Excellence Award for Financing this year as it secured financing for a new interconnector between the UK and Germany.
The company secured €2.8bn in financing from a consortium of international banks and financial institutions. Works will begin later this year, with the project set to become the world’s largest interconnector at 725km in length when it comes online in 2028.
The project involves building an “invisible energy highway” of high-voltage, direct current (HVDC) subsea cables that will allow up to 1.4GW of electricity to flow between Germany and the UK, enough to power up to 1.5 million homes over its lifespan.
Also, by integrating renewable energy sources in the UK and Germany, British energy regulator Ofgem forecasts the project could deliver a net reduction in carbon emissions of more than 13 megatonnes of CO2 over 25 years. The interconnector will particularly help ensure better use of offshore wind capacity according to respective local wind strength.
Company Profile
NeuConnect is a project under development by a consortium of international and seasoned entities, comprising Meridiam, Allianz Capital Partners representing Allianz Group, Kansai Electric Power, and TEPCO. This initiative garners support from some of the globe’s foremost banks and financial institutions.
The consortium’s principal partners possess a distinguished history of successfully executing major energy infrastructure projects, assembling a team endowed with substantial experience and proficiency in the realm of interconnector initiatives.
Meridiam, the consortium’s leading investor, is built upon a foundational principle of engaging in investments with a long-term perspective. Consequently, the NeuConnect project stands to gain from Meridiam’s enduring dedication to finance, develop, and manage the asset for a period extending over 25 years.
Links
Website: https://neuconnect-interconnector.com/
Email: enquiries@neuconnect.eu