4C is now TGS

We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.

Learn what this means for you!

Viking Link secures green loan worth US$743 million

By: Tom Russell 16/06/2020 National Grid

General Interconnectors

National Grid’s Viking Link interconnector has secured the first ever multi export credit agency (ECA) covered green loan, guaranteed by SACE with SIMEST CIRR support and Euler Hermes.

The US$743 million ECA-backed financing package, made up of US$488 million from SACE Export Credit and US$255 million from Euler Hermes Export Credit, was structured under National Grid’s Green Financing Framework. This is the first time multiple ECAs have come together to finance a green project of this size.

Once completed, Viking Link will be a 760 km long DC interconnector line between Revsing in southern Jutland, Denmark and Bicker Fen in Lincolnshire, UK. The project is expected to help boost the energy security of both countries during periods of high demand. The total value of the electrical connection amounts to approximately €2 billion. It includes around 625km of subsea cable, and is expected to be fully commissioned in 2023.

The 1,400 MW cable will supply renewable energy to 1.4 million households. The project has been included on the European Union's list of Projects of Common Interest (PCI).

Katerina Tsirimpa, Head of Corporate Finance for National Grid, said: “Britain’s energy system is in the midst of a rapid and complex transformation. We know we have a critical role in the acceleration towards a cleaner future. This green loan represents another important contribution towards our net zero commitment and it reinforces our strong leadership position in the path to a greener energy landscape.”

The facilities are structured by BNP Paribas’ Corporate & Institutional Bank (CIB) in its role as Structuring Bank, Bookrunner, Mandated Lead Arranger and Lender of both facilities, and Euler Hermes Agent, which was joined by HSBC Bank plc as Bookrunner, MLA, Lender and Agent of the SACE Export Credit and by Natwest as Bookrunner, Mandated Lead Arranger, Lender and Facility Agent of the Euler Hermes Export Credit. The banks, SACE and SIMEST were advised by Clifford Chance, and National Grid was advised by Linklaters.

For more information on interconnector projects worldwide, click here. You can view cable routes for interconnectors and wind farms using 4C Offshore's Interactive Map.

4C Offshore's Interactive Map

Premium

4C Offshore Premium, our most popular subscription, gives you full access to use the 4C Offshore WebApp which includes exclusive offshore wind, transmission and vessel reports, news and downloads.

Request a 30 minute Demo

Viking Link secures green loan worth US$743 million

Back to News

Trending News!