The European Investment Bank (EIB) has agreed to provide €300m for the construction of the BritNed Interconnector, a new electricity transmission cable between the United Kingdom and the Netherlands.
Paul Wilczek, EWEA’s Regulatory Affairs Adviser, commented: “Today’s decision by the EIB is a small but highly significant step towards what everyone in the business knows is absolutely essential - a European offshore grid to integrate 150 GW of offshore wind power by 2030. This grid is essential for improving European energy security, reducing costs for consumers and meeting Europe’s emissions reduction and renewable energy targets.
An effective pan-European offshore grid requires investments of €20-30 billion to 2030. The €300m from the EIB sends a very positive signal to future investors.”
For more information on today's decision, please see the European Commission press release.
For more information on EWEA's position on a European offshore grid, please click here.