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The European Investment Bank (EIB) has signed a €250 million loan agreement with grid operator TenneT, which will be used to build a 40-kilometre transmission corridor connecting Eemshaven-Vierverlaten in the northern Dutch province of Groningen, capable of transmitting fast-growing offshore wind energy to users
in the Netherlands and beyond.
The new transmission corridor will double the capacity of the existing 220 kV circuit
.
The EIB-funded corridor includes a new 380kV line from Eemshaven-Vierverlaten, along with a 110kV line on part of the route, and a new 380/220kV substation
in Vierverlaten.
Once the new transmission line is operational in 2024, existing smaller capacity lines along the same route will be decommissioned, and the project will double the capacity of the existing 220kV line as a whole
.
The new grid connection will avoid congestion in the Dutch high-voltage grid, especially after the nearby wind farm under development becomes operational, and the project will further facilitate the shift
of green electricity to demand centers.
Eemshaven is already an important power generation hub in the Netherlands and this position will be strengthened, for example, it was recently designated as a landing site
for the planned offshore wind farm "Ten noorden van de Waddeneilanden" (700MW).
"As an EU climate bank, supporting clean energy transmission is one of the EIB's main objectives," said EIB Vice President Kris Peeters, "The Netherlands' ambitious renewable energy generation targets will require more investment in transmission networks, and I am pleased that the EIB can help provide financing to help achieve these targets
.
" The project will help provide safe and sustainable electricity
to customers in the Netherlands and beyond.
”
Otto Jager, TenneT's CFO, added: "TenneT is one of the largest investors in Europe's energy transition and a long-term partner and needs the EIB to help with financing
.
Today's transaction highlights our strong relationship with
the EIB.
”
The European Investment Bank (EIB) has signed a €250 million loan agreement with grid operator TenneT, which will be used to build a 40-kilometre transmission corridor connecting Eemshaven-Vierverlaten in the northern Dutch province of Groningen, capable of transmitting fast-growing offshore wind energy to users
in the Netherlands and beyond.
The new transmission corridor will double the capacity of the existing 220 kV circuit
.
The EIB-funded corridor includes a new 380kV line from Eemshaven-Vierverlaten, along with a 110kV line on part of the route, and a new 380/220kV substation
in Vierverlaten.
Once the new transmission line is operational in 2024, existing smaller capacity lines along the same route will be decommissioned, and the project will double the capacity of the existing 220kV line as a whole
.
The new grid connection will avoid congestion in the Dutch high-voltage grid, especially after the nearby wind farm under development becomes operational, and the project will further facilitate the shift
of green electricity to demand centers.
Eemshaven is already an important power generation hub in the Netherlands and this position will be strengthened, for example, it was recently designated as a landing site
for the planned offshore wind farm "Ten noorden van de Waddeneilanden" (700MW).
"As an EU climate bank, supporting clean energy transmission is one of the EIB's main objectives," said EIB Vice President Kris Peeters, "The Netherlands' ambitious renewable energy generation targets will require more investment in transmission networks, and I am pleased that the EIB can help provide financing to help achieve these targets
.
" The project will help provide safe and sustainable electricity
to customers in the Netherlands and beyond.
”
Otto Jager, TenneT's CFO, added: "TenneT is one of the largest investors in Europe's energy transition and a long-term partner and needs the EIB to help with financing
.
Today's transaction highlights our strong relationship with
the EIB.
”
