The £2.4 billion ($2.9 billion) NeuConnect project, one of the world’s largest interconnector projects, has reached financial close with backing from a consortium of more than 20 national and international banks and financial institutions.
The financial close was led by global investors Meridiam, Allianz Capital Partners — on behalf of Allianz insurance companies — and Kansai Electric Power.
NeuConnect will form an “invisible energy highway” with subsea cables allowing up to 1.4 gigawatts of electricity to flow in either direction between the United Kingdom and Germany. The NeuConnect interconnector will see two new substations built on the Isle of Grain in Kent, England, and the Wilhelmshaven region in Lower Saxonia, northern Germany, connected by more than 700 kilometers (435 miles) of subsea cables, traveling through British, Dutch and German waters.
NeuConnect is designed to help to deliver a more secure and resilient energy supply. Independent an