NeuConnect link between GB and German markets reaches financial close

The £2.4 billion NeuConnect interconnector – the first direct link between the UK and German energy markets – has reached financial close, paving the way for work to start later this year.
Led by global investors Meridiam (France), Allianz (Germany) and Kansai Electric Power (Japan), NeuConnect is a privately-financed 725km interconnector with capacity of 1.4GW, operating via two new substations built on the Isle of Grain in Kent, England and the Wilhelmshaven region in Lower Saxonia, northern Germany.
Now NeuConnect says work will start this year and the link will be operational by 2028
Financial close was achieved via a consortium of 21 national and international banks and financial institutions. They were: AIB, Bank of China, BayernLB, Caixa, CIC, DZ Bank, European Investment Bank, Japan Bank for International Cooperation, Lloyds, Mizuho, Nippon Life, Norinchukin, NordLB, Raboban, Societe General, Shinsei, Siemens Financial Services (via Siemens Bank), SMBC, SMTB, Tanax Group and the UK Infrastructure Bank.