Marking a key milestone for NeuConnect, the project has signed a licence agreement with The Crown Estate. An important step and ‘final piece of the jigsaw’ for the project, NeuConnect can now begin major construction work in the UK this summer.
What is the NeuConnect project?
The NeuConnect Interconnector will be the first direct power link between Germany and Great Britain, connecting two of Europe’s largest energy markets for the first time.
The project is led by global investors - Meridiam, Allianz Capital Partners, Kansai Electric Power and TEPCO - will cost US$3.2bn, and covers 725km of land. Using subsea cables the project will create an ‘invisible energy highway’ between the UK and Germany, allowing up to 1.4GW of electricity to flow in either direction.
What are interconnectors?
The aim of the interconnector is to help boost energy security and resilience in the countries, as well as help integrate renewable energy sources in both countries. Other benefits of interconnectors include a safe, secure and affordable supply of energy, increased competition, and better value for money.
What does this agreement mean for NeuConnect?
As part of the project, NeuConnect will construct a new converter station on the Isle of Grain in Kent and at the Wilhelmshaven region in Northern Germany. The two will be connected by subsea cables travelling through British, Dutch and German waters.
Following detailed negotiations and collaboration, a licence agreement has been signed by NeuConnect and The Crown Estate to officially allow the project to begin offshore and seabed works in the UK. Major construction in Germany will commence in early 2024 with NeuConnect expected to be operational by 2028.
“The signing of the licence agreement with The Crown Estate is another important milestone for NeuConnect and the final piece of the jigsaw in the UK as we get ready to start major construction this summer. We are grateful for the support and collaboration with The Crown Estate as we secure this agreement, and look forward to working closely with them as we deliver this vital new energy link,” commented Arnaud Grévoz, CEO, NeuConnect.