One of the main reasons for the upgrade is the ongoing growth of offshore wind power generation capacity off the Dutch southwest coast, as part of the 1.4 GW Borssele Wind Farm Zone. The new grid connection will allow for the avoidance of congestion on the high voltage grid once the wind farms are in operation and will facilitate transfer of green, offshore electricity to demand centers.
“The Netherlands’ ambitious targets for renewable energy generation require more investment in the transmission network,” stated EIB Vice-President Andrew McDowell. ”That’s why the EIB, as the EU Climate Bank, is pleased to support this project.”
Otto Jager, CFO of TenneT, added, "This project in the southwest of the Netherlands will support us in maintaining our strong track record in the availability of our electricity grids. At the same time, this connection facilitates the integration of sustainable offshore wind energy into the Dutch electricity system."
The EIB has increased its total lending commitment to TenneT to €1.8 billion. The EIB commitments are provided for the upgrading and expansion of TenneT’s electricity transmission networks in the Netherlands and Germany as well as interconnectors. Today's transaction underlines again the strong relationship between the EIB and TenneT.
