The money will be used for the construction and operation of three offshore high voltage direct current lines – HelWin1, SylWin1 and DolWin1 – that will connect 2.2 GW of wind farms in the North Sea with the German onshore grid.
As part of its Energiewende, Germany wants to expand its offshore wind sector to reach an installed capacity of 6.5 GW in 2020 and a total of 6.2 GW connection capacity is already built or being installed by TenneT.
Wilhelm Molterer, the European Investment Bank’s vice-president responsible for Germany, said: “The bank sees the expansion of electricity networks as one of its central tasks in the coming years. They are part of Europe’s strategic infrastructure. A key element is the connection of offshore wind farms. This is also playing a decisive role in Germany’s energy policy turnaround. With today’s loan the EIB is also supporting TenneT’s pioneering efforts to tackle the special challenges of offshore power transmission.”
● The European Investment Bank has also made its single largest clean energy equity investment this year with €50m given to Glennmont Partners, one of Europe’s largest clean energy infrastructure vehicles.
Glennmont was founded this year following a spin-off of BNP Paribas Clean Energy Partners and it aims to raise long-term capital to invest in projects focusing on technologies such as wind, biomass, solar and small-scale hydro across the UK and continental Europe.
The EIB’s investment will be added to Glennmont’s second clean energy infrastructure fund which now has commitments of €250m from both new and existing investors from its first fund.