Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 21 July 2022, the European Investment Bank signed financing totalling approximately EUR 381 million (split across five loan tranches all dated the same day) for the NeuConnect Interconnector, a 1,400 MW HVDC subsea electricity link between Great Britain and Germany. The EIB financing supports the broader EUR 2.4 billion (GBP 2.2 billion) project-finance package assembled by a consortium of more than 20 international banks and financial institutions, enabling construction of the approximately 725 km cable route across German, Dutch and British waters. The EIB's contribution was allocated between the Netherlands (EUR 105 million) and Germany (EUR 276 million), reflecting the offshore route segments through those jurisdictions. The loan was made to special purpose entities established for the project. This multilateral financing milestone complemented the project's financial close achieved in 2022 and demonstrated institutional confidence in the cross-border interconnector's contribution to EU and UK energy security, renewable integration and greenhouse gas reduction targets. The EIB project page (reference 20200756) records the full signature amounts and dates, along with links to the Environmental and Social Impact Assessment documents submitted in September 2021.