July 2 (Reuters) – Newconnect, the private investor behind the first power cable connecting the UK and Germany, has announced that it has closed the $ 1.4 billion ($ 1.92 billion) financial crisis by September.
Alliance Capital Partners, an asset manager owned by German insurance company Alliance (ALVG.DE) and Japanese Kansai Electric Power (9503.T), has announced that major construction of commercial cable may begin in 2022.
The latest announcement coincides with President Angela Merkel’s meeting with British Prime Minister Boris Johnson in London.
“Newconnect is currently the largest British-German investment project and will help us share more energy for our energy phases – to ensure that renewable energy is not wasted and that our two economies are rapidly decarbonized,” Johnson said in a statement before the meeting.
By integrating renewable energy sources in Germany and the UK, investors say the cable could reduce CO2 emissions by 16 million tonnes in 25 years.
The 700-kilometer submarine cable will connect Newconnect with Wilhelmshaven in northern Germany to the British island crane in the Kent and allow both 1.4 GW (GW) of electricity to flow.
In June, the UK Energy Regulator confirmed the key details of the Ofchem business plan license, while Germany approved the necessary energy laws and paved the way for the construction and operation of cross-border interconnectors such as Newconnect.
Two more connections to Great Britain are currently under construction or being tested – the North Sea connection cable to Norway and the Viking connection to Denmark – both owned by their respective National Broadcasting System Operators (DSOs).
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