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TenneT to get EUR-250m EIB loan for Dutch offshore wind connection

EIB loan for TenneT's transmission line for offshore wind power, Netherlands. Image by T. Smit/EIB

March 9 (Renewables Now) - Dutch transmission system operator (TSO) Tennet Holding BV is to receive a EUR-250-million (USD 285m) loan from the European Investment Bank (EIB) for a new transmission line that will bring power from offshore wind farms to the grid in the Netherlands.

As part of the loan agreement, announced on Monday, the financing will be used for a new 380-kV transmission line, including a 150-kV line for a section of the route, connecting the substation at the 1.4-GW Borssele Wind Farm Zone off the Dutch southwest coast to a new substation at the village of Rilland. The whole line is 43 km (26.7 miles) long.

The new connection is part of the company's Zuidwest 380-kV project, which will also help increase the connectivity of European electricity markets.

"The new grid connection will allow for the avoidance of congestion on the high voltage grid once the wind farms are in operation and will facilitate transfer of green, offshore electricity to demand centres," the EIB said.

With the latest loan, the bank has extended to Tennet a total of EUR 1.8 billion in financing, according to the statement.

(EUR 1.0 = USD 1.143)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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