The European Investment Bank (EIB) has announced that it will provide a €350m loan for the "NordLink" interconnection project between Germany and Norway.
NordLink started construction in September 2016. It will be a bipolar HVDC (High Voltage Direct Current) 1,400 MW subsea interconnector between Schleswig-Holstein (Germany) and Tonstad (Norway). Commercial operations of the 624 km-long high voltage direct current (HVDC) line are expected to come onstream in 2019-2020. Germany would then be able to import hydropower surplus from Norway, while Norway would be supplied with German wind and solar surplus.
The shareholders of the projects are the Norwegian TSO Statnett (50%) and DC Nordseekabel, a joint venture of TenneT and German bank KfW, with the remaining 50%.
The project has also been qualified as "Project of Common Interest in the Priority Corridor Northern Seas Offshore Grid" .