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EIB and TenneT ink loan agreement

By: Tom Russell 09/03/2020 TenneT

General

The European Investment Bank (EIB) has signed a €250 million loan agreement with TenneT Holding B.V. The financing will be used for the western section of TenneT’s “Zuidwest 380 kV” project, which will enable the transmission of offshore wind energy to consumers in the Netherlands. The Zuidwest 380 kV project is also expected to support increased connectivity of European electricity markets.

Specifically, the EIB financing will support the construction of a new 380 kV transmission line – combined with a 150 kV line for part of the route - from the substation at Borssele to a new substation at Rilland.

One of the main reasons for the upgrade is the ongoing growth of offshore wind power generation capacity off the Dutch southwest coast, as part of the 1.4 GW Borssele Wind Farm Zone. 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 renewable electricity to demand centres.

“The Netherlands’ ambitious targets for renewable energy generation require more investment in the transmission network.” stated EIB Vice-President Andrew McDowell. ”That’s why the EIB, as the EU Climate Bank, is pleased to support this project.”

Otto Jager, CFO of TenneT added: "The switch from traditional fossil fuels to renewable energy sources is one of the biggest challenges the world is currently facing. It is an immense task for transmission system operators. This project in the southwest of the Netherlands will support us in maintaining our strong track record in the availability of our electricity grids. At the same time, this connection facilitates the integration of sustainable offshore wind energy into the Dutch electricity system."

With the latest loan agreement in place, EIB has increased its total lending commitment to TenneT to €1.8 billion. EIB commitments are provided for the upgrading and expansion of TenneT’s electricity transmission networks in the Netherlands and Germany and for interconnectors.

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EIB and TenneT ink loan agreement

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