NeuConnect Board confirms investor commitment to deliver vital new energy link as project heads into year of significant activity
Plans to connect two of Europe’s largest energy markets for the first time received a significant boost today as the NeuConnect board of investors – including Meridiam, Allianz Capital Partners and Kansai Electric Power – reiterated their firm commitment to deliver the vital new energy link between the UK and Germany.
NeuConnect is a privately-financed interconnector that will see over £1bn of investment to create the first direct link between UK and German electricity networks. By integrating renewable energy sources in Germany and the UK, NeuConnect will help deliver a more sustainable electricity supply, more resilience and a greater security of supply, while also helping to lower costs for consumers.
The NeuConnect Board’s renewed commitment was made at their latest board meeting where the international consortium of investors also confirmed ambitions to conclude the project’s financing arrangements by the end of this year. The news follows a period of significant progress on the project in recent weeks including:
- The next stage of major £1bn procurement activity now launched;
- A UK planning application submitted;
- NeuConnect’s inclusion in the European Commission’s list of priority energy projects;
- The project being included in Germany’s ten-year energy network development plan.
Partner at lead investor Meridiam and Chair of the NeuConnect Board Julia Prescot said: “We are delighted to start a New Year with a firm commitment to deliver this vital new energy link. As the UK and Europe head into a new relationship, it is clear that investment in green energy and world-class infrastructure have never been needed more so the NeuConnect project will be a crucial step towards a more secure and sustainable energy supply in the UK and Germany.”
Allianz Capital Partners said: “As long-term investor Allianz is committed to sustainable investments. We firmly support the NeuConnect project as it enters an important new phase as there is a clear need for continued investment in secure, sustainable energy infrastructure in Germany, the UK and across Europe.”
Kansai Electric Power said: “As one of our biggest investments in the European market and a crucial new piece of infrastructure, we look forward to continuing the strong progress and momentum on the NeuConnect project.”
NeuConnect CEO Christophe Vanhove said: “The NeuConnect Board’s renewed commitment is a huge boost as we head into a year of significant activity. With major procurement activity underway, planning applications submitted and continued industry and political support, there is strong momentum behind the project keeping us firmly on track.”
Together with the investors Meridiam, Allianz Capital Partners on behalf of Allianz insurance companies and Kansai Electric Power, the NeuConnect project is also supported by Greenage Power and Frontier Power as developers. The key partners bring a proven track record in delivering large-scale energy infrastructure.