NeuConnect has confirmed plans for financial close on its interconnector in September and the start of initial works later this year, with major construction works starting in 2022.
The 1.4GW, 700km interconnector between the GB and German energy markets will cost £1.4 billion. Investors Meridiam, Allianz Capital Partners and Kansai Electric Power have welcomed support for the project from Prime Minister Boris Johnson and German Chancellor Angela Merkel in their meeting on 2 July.
The project had been confimed as a ‘Project of Common Interest’ by the EU since 2019. Some 220km of the HVDC undersea cable is in territorial waters belonging to the Netherlands. The UK convertor station will be on the Isle of Grain and an application for planning consent for this was submitted to Medway Borough Council in December 2019.
Welcoming Johnson and Merkel’s support for the project, Chair of the NeuConnect Board and Partner at lead investor Meridiam Julia Prescot said: “The UK and Germany share a common goal in delivering greener, cleaner and more resilient infrastructure so we welcome this support for NeuConnect and are delighted to commit to deliver this vital new energy link. Despite the challenging times, NeuConnect continues to make strong progress, keeping us on track to reach financial close in the Autumn and begin major construction work next year.”