The European Investment Bank (EIB) is to provide a €300m loan to Norwegian transmission system operator (TSO) Statnett for the 1.4GW NordLink interconnector between Germany and Norway.
The 624km HVDC link will run between Tonstad in Norway and Wilster in the German state of Schleswig-Holstein, enabling the exchange of German wind energy and Norwegian hydropower.
The EIB has already provided TSO TenneT with a loan for the German side of the project.
NordLink is a 50:50 joint venture between Statnett and DC Nordseekabel, which is equally owned by TenneT and the German development bank KfW.
EIB vice-president responsible for energy Andrew McDowell said: “The EU bank has set itself the goal of channelling at least 25% of its investments towards climate action relevant projects, and this project is a perfect example of how seriously we take this.”
Statnett chief financial officer Knut Hundhammer said: “The participation of EIB in funding the project is a great advantage and adds a significant part of Statnett’s funding portfolio.”