NeuConnect welcomes new German Government and outlines its support for coalition’s green energy goals
The NeuConnect project welcomed the official start of the new German coalition Government today, and set out how NeuConnect will play an important role in the new Government’s ambitions for investment in green energy projects and expansions to the German energy grid.
NeuConnect is a £1.4bn privately-financed interconnector that will create the first direct link between UK and German electricity networks, connecting two of Europe’s largest energy markets for the first time.
By integrating renewable energy sources in the UK and Germany, the NeuConnect project is closely aligned with the new German Government’s energy goals – NeuConnect will allow up to 1.4GW of electricity to flow in either direction, helping to deliver a more resilient supply for both countries, and delivering a net reduction in carbon emissions of 16 MtCO2 over 25 years to support German, UK and European Net Zero goals.
As one of the first ‘project financed’ interconnectors to be delivered in Germany and the UK, NeuConnect is also setting a new precedent for the financing and delivery of major energy projects, opening the door for further ‘project financed’ investment in future which will help to create greater competition and consumer benefits in the energy market.
NeuConnect CEO Christophe Vanhove said:
“We welcome the official start of the new German Government and their clear commitment to support green energy growth. NeuConnect will create a vital new energy link between the UK and German markets, helping to deliver greater security, consumer benefits and significant carbon reductions, so we look forward to playing an important role in the German Government’s ambitious energy goals.”
The NeuConnect project continues to make good progress with major planning works completed or nearing completion, lands secured for onshore works in Germany and the UK, and key planning approvals received. NeuConnect is targeting reaching financial close in the coming weeks which would allow major construction works to start later in 2022.