Dec. 9 (Bloomberg) -- TenneT Holding BV, a state-owned Dutch grid company, won a 500 million-euro ($686 million) loan from the European Investment Bank to connect German North Sea wind farms to the mainland network.
The EIB provided the loan for the high-voltage direct-current line projects HelWin1, SylWin1 and DolWin1, which will connect turbines with a capacity of as much as 2.2 gigawatts, the bank said today in a website statement.
“Because of its dimension and technical requirements, these projects will be of an exemplary nature not only in Germany but worldwide,” the EIB said. “Construction has already begun and is expected to be completed in 2014 and 2015.”
Germany is investing in clean energy after announcing it will phase out nuclear power by 2022. While the government wants to add 6,500 megawatts of sea-based wind turbines by 2020, the expansion has been delayed after TenneT failed to complete grid-connection projects on time. Utilities including RWE AG and EON SE threatened to halt investment because of the delays.
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