Neuconnect receives legislative approval
Wednesday, 23 September 2020, the German Federal Government passed the
bill under which the Neuconnect
operate, which is a significant step in project’s development.
The 1.4 GW
was one of the 35 network expansion projects included in plans by Germany’s
Federal Ministry of Economic Affairs and Energy (BMWi) to receive
approval on Wednesday.
NeuConnect CEO Christophe Vanhove commented on the recent development:
‘Despite the challenging times, the NeuConnect
continues to make good progress. The decision of the German Federal Government
is an important part of a future-oriented energy policy in Germany and
a clear commitment to UK-German cooperation in the energy sector. By creating
the first direct electricity link between Germany and the UK, NeuConnect
will help deliver lower electricity prices for businesses and consumers.’
The £1.4bn / €1.6bn project
is privately financed by an international consortium of Meridiam (France),
Allianz Capital Partners (Germany) on behalf of Allianz Group and Kansai
Electric Power (Japan), with the project also supported by Greenage Power
and Frontier Power as developers. The project developers held a meeting
with the UK's Minister for Investment, Lord Grimstone, in June 2020 to
highlight its strong progress.
The 700 km long Neuconnect
to be fully commissioned in 2023.
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