Following negotiation and collaboration with The Crown Estate, the signed license agreement will officially allow NeuConnect to begin offshore and seabed works in the UK.
The project is due to start major construction work both onshore and offshore at the Isle of Grain site in the coming weeks, with major construction in Germany starting early next year.
“The signing of the licence agreement with The Crown Estate is another important milestone for NeuConnect and the final piece of the jigsaw in the UK as we get ready to start major construction this summer,” said NeuConnect CEO Arnaud Grévoz.
“We are grateful for the support and collaboration with The Crown Estate as we secure this agreement, and look forward to working closely with them as we deliver this vital new energy link.”
NeuConnect reached financial close with a consortium of more than 20 national and international banks and financial institutions in July 2022.
Led by investors Meridiam, Allianz Capital Partners, Kansai Electric Power and TEPCO, the £2.4 billion project will become one of the world’s largest interconnectors once operational by 2028.
It will comprise some 725 kilometers of land and subsea cables connecting the UK and Germany, allowing up to 1.4 GW of electricity to flow in both directions, helping integrate renewable energy sources in both countries.
The project will see the construction of new converter stations on the Isle of Grain in Kent, England, and the Wilhelmshaven region in northern Germany, with subsea cables traveling through British, Dutch and German waters.
Source : Offshore