The Nordic Investment Bank (NIB) and the Norwegian grid operator Statnett have signed a loan totalling NOK 1,300 million (EUR 165 million) for the partial financing of the new subsea cable between Norway and Denmark and the upgrade of Statnett’s existing cable across the Oslofjord.

The 16-year-maturity loan will help finance the construction of a new High Voltage Direct Current (HVDC) power connection across the Skagerrak strait, known as Skagerrak 4. The cable will be 240 km long, of which 140 km is under the sea bed, and will have a capacity of 700 MW.