NeuConnect’s international investors meet with UK Minister for Investment to highlight strong progress on vital new energy link
The international investors delivering the NeuConnect project this week held an online meeting with the UK Government’s Minister for Investment Lord Grimstone, outlining the economic and sustainability benefits the vital new energy link will deliver and the strong progress being made.
NeuConnect is a privately-financed £1.4bn interconnector being funded by an international consortium of investors that is led by Meridiam (France) and includes Allianz Capital Partners(Germany) and Kansai Electric Power (Japan), with the project also supported by Greenage Power and Frontier Power as developers.
In the online meeting with Lord Grimstone, representatives from Meridiam, Allianz Capital Partners, Kansai Electric Power and NeuConnect’s CEO outlined how the new energy link will help deliver a more secure and resilient electricity supply for the UK and Germany, while also helping to lower costs for consumers.
The role of interconnectors in helping to meet the UK’s net zero ambitions was also discussed, with the NeuConnect project helping to integrate renewable energy sources in the UK and Germany, allowing the flow of surplus energy from Germany’s vast renewables infrastructure into the UK. The NeuConnect team also set out that with remote working continuing, significant progress has been made on the investment and delivery of the project.
Gerry Grimstone, Minister for Investment said: “I was delighted to hear more about NeuConnect which is an important national project and will also contribute to the UK’s net zero ambitions. The high-quality international consortium behind this project demonstrates the continued confidence of investing in the UK and I was pleased to discuss the wide range of future investment opportunities the UK has to offer.”
Julia Prescot, partner at Meridiam and Chair of the NeuConnect Board said:
“We are grateful for the opportunity to brief the Minister on this vital new energy link. Continued investment in resilient new infrastructure is now more important than ever, so the meeting was a great opportunity to update on the progress we are making with the NeuConnect project and to outline our ambitions for continued investment in the UK.”
Christoph Holzer, Manging Director at Allianz Capital Partners said: “As long-term investor Allianz is committed to sustainable investments. There is a clear need for continued investment in secure, sustainable energy infrastructure in Germany, the UK and across Europe, so we welcome the opportunity to meet with the Minister to outline our firm support for the NeuConnect project.”
Kansai Electric Power said: “We are grateful to update the Minister on one of our biggest investments in the European market and a crucial new piece of infrastructure. We are happy to make contribution to the project with our accumulated expertise in HVDC systems and we look forward to continuing the strong progress and momentum on the NeuConnect project.”
NeuConnect CEO Christophe Vanhove said: “This week’s meeting was a welcome opportunity to outline the huge benefits NeuConnect will deliver by connecting two of Europe’s largest energy markets for the first time. We are grateful for the Minister’s time and look forward to continue making good progress on this vital new energy link.”