TenneT bags EIB debt for grid upgrades needed by offshore wind industry

The Borssele III & IV offshore complex. Image by: Van Oord (www.vanoord.com).

September 20 (Renewables Now) - Dutch transmission system operator (TSO) TenneT has secured EUR 250 million (USD 292.6m) in debt from the European Investment Bank (EIB) to build a new transmission corridor enabling the integration of more offshore wind turbine generation.

The loan agreement will support the construction of 40 km of transmission lines from Eemshaven to Vierverlaten in the northern province of Groningen that will double the capacity of the existing 220-kV circuit. The network will include a 380-kV line and 110-kV line for a portion of the route. The construction of a 380/220kV substation in Vierverlaten is also part of the project, EIB said last week.

The upgraded infrastructure will support the connection of offshore wind parks in the North Sea and help avoid grid congestion issues.

The new transmission lines are planned to become operational in 2024. Some existing smaller capacity lines along the same route will be decommissioned once the new corridor is brought live.

EIB noted that the latest deal expand its total lending commitment to TenneT to EUR 1.8 billion. The financing is tied to electricity transmission network projects in the Netherlands and Germany.

(EUR 1.0 = USD 1.170)

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription