The European Investment Bank (EIB) has signed a EUR 250 million loan agreement with TenneT Holding B.V. for the financing of the 40-kilometre high voltage electricity transmission corridor in the north of the Netherlands.
According to EIB, the new electricity transmission corridor from Eemshaven to Vierverlaten in the province of Groningen will double the capacity of the existing 220kV circuit and enable the transmission of offshore wind energy to users in the Netherlands and beyond.
The corridor will include a new 380kV line from Eemshaven to Vierverlaten, combined with a 110kV line for part of the route, and a new 380/220kV substation in Vierverlaten.
Once the new transmission lines are operational in 2024, the existing smaller capacity lines along the same route will be decommissioned, EIB said.
The new grid connection will allow for the avoidance of congestion on the Netherlands’ high voltage grid. The project will further facilitate the transfer of green electricity to demand centres once nearby wind farms under development are brought into operation, according to EIB.
Eemshaven is already considered an important power generation hub in the Netherlands. It was recently designated by the Dutch Ministry of Economic Affairs also as the landing point for the planned 700 MW Ten noorden van de Waddeneilanden offshore wind farm, EIB said.
This financing increases the total EIB commitment to TenneT projects to EUR 1.8 billion, used for the upgrading and expansion of the company’s electricity transmission networks in the Netherlands and Germany as well as interconnectors.