NeuConnect wins ‘Power Deal of the Year’ at industry awards
NeuConnect – a vital new energy link between the UK and Germany – has been named “Power Deal of the Year” by leading industry publication Project Finance International (PFI) in its annual awards. The award follows the £2.4bn / €2.8bn NeuConnect project reaching financial close in summer 2022 with a consortium of more than 20 national and international banks and financial institutions.
Led by global investors Meridiam, Allianz Capital Partners, Kansai Electric Power and TEPCO, NeuConnect will become one of the world’s largest interconnectors with 725km of land and subsea cables forming an ‘invisible energy highway’ between the UK and Germany, connecting two of Europe’s largest energy markets for the first time.
In naming NeuConnect as “Power Deal of the Year”, the PFI Awards 2022 highlighted the environmental, economic and security benefits the project will deliver, describing NeuConnect as:
“…the largest privately financed interconnector [that will] support the energy transition by enabling carbon emission reductions, increase competition among generators, and strengthen security of supply across the two countries”.
The industry recognition for NeuConnect follows a period of strong progress since the project reached financial close in summer 2022 – since that point, cable production work began in September 2022 and early works started on site in Germany in October 2022, followed by the UK in December 2022, keeping NeuConnect on track for major construction to start this year. The project is due to be operational by 2028.
For further information on NeuConnect, please visit neuconnect-interconnector.com.