As a way to support the development of the 1.4-GW NordLink subsea cable project, the first interconnection between Germany and Norway, the European Investment Bank (EIB) has invested €7100 million (US$114 million) in bonds. So far, the EIB last year provided €650 million (US$760 million) in loans to Tennet and Statnett in support of the subsea cable project.
Under a market hybrid bond placement, the EIB has purchased hybrid securities issued by TenneT Holding BV. The move was backed by the European Fund for Strategic Investments (EFSI) and is part of TenneT’s hybrid securities programme, initiated in 2017.
The project is being implemented by Norwegian TSO Statnett and DC Nordseekabel GmbH & Co KG, which is equally owned by TenneT and the German development bank KfW. Last summer Cable installation on the project was launched last summer and the interconnector is expected to be in operation in 2019.
Country updates
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August 13, 2018
WELTEC Group closed acquisition of 2.2 MW biogas project in Germany
Weltec Biopower Group has completed the take over of the 2.2 MW insolvent biogas plant located in Südergellersen, Lower Saxony, Germany. The plant was originally been set up in 2009 and expa...
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August 10, 2018
Siemens Gamesa to provide wind turbines to 208 MW Tonstad wind project
Siemens Gamesa Renewable Energy (SGRE) will supply the Tonstad Wind Farm in Norway with 51 of its SWT-DD-142 Onshore wind turbines. After commissioning, the wind farm will be one of the largest in Nor...
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August 02, 2018
Enbridge completes sales of energy assets for US$2.4 billion
Enbridge Inc. has announced that it has closed previously announced agreements to sell its U.S. midstream businesses and monetize a portion of its renewables business for combined cash proce...
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August 01, 2018
Zahid Group unit closed acquisition of 50% stakes in Greencells
Greencells, an independent European solution provider for solar photovoltaic (PV) power plants, has concluded a strategic investment with OMAS, a wholly-owned subsidiary of the Zahid Group,...
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July 30, 2018
Last of the 20 suction bucket installed at Borkum Riffgrund 2
Innovation, GeoSea's jack-up vessel, has installed the first suction bucket jacket in early June. Finally, on July 30, 2018, the last of the 20 was placed. Meanwhile, the installation of the 36 mo...
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