A project that will strengthen the security of the UK’s electricity network via a 260km “submarine” cable link with the Netherlands has received a cash boost, enabling construction to continue in the new year.
The BritNed Interconnector project has received a £271M loan from the European Investment Bank, which will pave the way for the new link to be up and running for commercial use in early 2011.
The high-voltage cable link will run between the Isle of Grain in Kent and Maasvlakte near Rotterdam, providing 1,000MW of electricity to both countries in a bid to bolster electricity networks and boost competition within European markets.
National Grid’s director for the BritNed project, Bill Russell, said: “This is a key business for National Grid which will help to enhance security of supply in the UK and facilitate further competition. Work is already well under way and we look forward to seeing the benefits it will bring to Europe.”
The finance package will meet half the €600M cost of constructing the BritNed Interconnector, a joint enterprise between National Grid and TenneT.