KfW Agrees to Build $2.3 Billion Germany-Norway Power Cable

(Bloomberg) — KfW Ipex Bank GmbH, TenneT Holding BV and
Statnett SF today agreed to build a power link between Norway
and Germany that may cost as much as 2 billion euros ($2.3
billion).

The 1,400-megawatt NordLink interconnector will cost 1.5
billion euros to 2 billion euros, Frankfurt-based KfW said today
in a statement on its website. Construction will start as soon
as contracts with the companies responsible for the production
and installation of the cable are signed, it said.

The agreement is a “major step” toward a more integrated
European energy market, Mel Croon, chief executive officer of
TenneT, said in the statement. “With this interconnector we can
exchange energy between two complementary energy systems, with
Germany’s increasing production of wind power and solar power on
one side, and Norway’s production from hydropower on the
other.”

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Alex Devine, Randall Hackley

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