NeuConnect celebrates 5th anniversary as early site works make strong progress
NeuConnect – a vital new energy link between two of Europe’s largest energy markets – is this week celebrating the 5th anniversary since NeuConnect Britain Ltd was established in 2018 to deliver the first direct energy link between the UK and Germany. The project’s 5th anniversary comes as early ground works in the UK continue to make good progress, keeping NeuConnect on-track to start major construction later this year.
Led by global investors Meridiam, Allianz Capital Partners, Kansai Electric Power and TEPCO, NeuConnect will become one of the world’s longest interconnectors with 725km of land and subsea cables forming an ‘invisible energy highway’ between the UK and Germany. The new link will allow 1.4GW of electricity to flow in either direction, helping to boost energy security and resilience while also helping to integrate renewable energy sources in both countries.
Since NeuConnect Britain Ltd was established in 2018 to deliver the vital new energy link, huge progress has been made over the last 5 years:
- 2018: with NeuConnect Britain Ltd established, 2018 saw over 700km of seabed surveys completed ahead of schedule to help establish the exact subsea route of the project;
- 2019: in April 2019, NeuConnect launched a major £1bn+ procurement process for cabling and converter station works. 2019 also saw the submission of NeuConnect’s UK planning applications;
- 2020: in 2020, UK energy regulator Ofgem approved changes to its interconnector regulations, recognising the important consumer benefits that project-financed schemes like NeuConnect will deliver. Later in 2020, the UK Government’s Investment Minister picked out NeuConnect as one of the “top notch green investments”that were supporting the UK’s net zero ambitions;
- 2021: in 2021, the German Government passed new energy laws to pave the way for new interconnectors like NeuConnect. Then in summer 2021, Boris Johnson and Angela Merkel outlined their support for NeuConnect, and the important new links it will create between both countries;
- 2022: in April 2022, NeuConnect awarded major contracts for cabling and converter station works, then in July the £2.4bn project reached Financial Close with a global consortium of banks and financial institutions. 2022 ended with early site works underway in both Germany and the UK;
- 2023 onwards: in January, NeuConnect was named “Power Deal of the Year”at a leading industry awards event. Meanwhile, early site works in the UK and Germany continue to make good progress, keeping NeuConnect on-track to start major construction later this year.
Julia Prescot, Chair of the NeuConnect Board and Partner at lead investor Meridiam, said:
“The last 5 years have seen seismic shifts in the European energy landscape, but these have only underlined why NeuConnect is so vital, connecting two of Europe’s largest energy markets for the first time to offer a huge boost to energy security, sustainability and resilience. Since NeuConnect was first established in 2018 we have continued to make strong progress, and with major construction starting later this year we are grateful for the continued support of our Government, industry, and financial partners as we bring this vital new energy link ever closer.”
For further information on the NeuConnect project, please visit neuconnect-interconnector.com