The cable is 725 kilometers long and has a capacity of 1400 MW, which is suitable for the power needs of millions of homes. The new grid should give a boost to renewable energy policy in Europe. According to the European Investment Bank (EIB), the project has ‘cross-border environmental benefits’.
“This project is a new achievement for the energy transition, as it makes possible the more efficient use of offshore wind energy. The project makes it possible to reduce CO2 emissions,” said the EIB. According to the investment bank, it also contributes to achieving the European target of reducing greenhouse gas emissions by at least 55 percent by 2030.
The construction of the link will cost a total of 2.8 billion euros. The EIB is financing the project with up to EUR 400 million.
