German Ambassador to the UK Miguel Berger and UK Trade Commissioner for Europe Chris Barton have joined an industry event to help celebrate continued progress on the NeuConnect project that will create the first direct connection between the UK and German energy markets.
Led by Meridiam, Allianz Capital Partners and Kansai Electric Power, NeuConnect is a privately-financed interconnector that will connect two of Europe’s largest energy markets for the first time.
“NeuConnect is a ground-breaking project underpinning our ever-increasing bilateral energy cooperation. The current energy crisis illustrates the importance of this new link. With gas prices having increased substantially, renewable power is ever more cost competitive,” said German Ambassador Miguel Berger.
“NeuConnect will link our electricity grids to share excess power – ensuring renewable energy is not wasted. It will be a key project to support Germany and the UK in achieving their climate targets.”
The €2.8 billion project reached financial close in July with a consortium of more than 20 global banks.
With further strong progress across the project in recent months, major construction work is now said to be on track to begin next year, with NeuConnect set to be operational by 2028.
At 725 kilometers in length, NeuConnect is the single-largest Anglo-German infrastructure project.
Works will start next year to build two new substations on the Isle of Grain in Kent, England, and the Wilhelmshaven region in Lower Saxonia, northern Germany, with subsea cabling works also kick starting to create the new link through British, Dutch and German waters.
“By linking the UK and Germany electricity networks, NeuConnect means that British renewables – including from the largest offshore wind market in Europe – will soon power a greener German economy,” Chris Barton , UK’s Trade Commissioner for Europe, added.
“As the tragic events in Ukraine have underlined, it is vital that we work with Germany and other European partners now to protect our energy independence for the future. NeuConnect is a great example of how major investment can make this happen.”