TennetT, an energy transmission system operator in the Netherlands, has secured a €250 million loan from the European Investment Bank (EIB) to fund its Zuidwest project.
The loan will fund the western section of TenneT’s “Zuidwest 380 kV” project, which will enable the transmission of offshore wind energy to consumers in the Netherlands and beyond.
A new 380KV and 150KV energy transmission lines to be built will support increased connectivity of European electricity markets.
The project is part of a 1.4GW Borsele Wind Farm initiative and will avoid congestion on the high voltage grid.
“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.”
EIB lent approximately €1.8 billion to TennetT.
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