The Juncker Plan’s European Fund for Strategic Investments (EFSI) supports this transaction.
“This smart combination of renewable power generation – solar and wind in Germany and hydroelectric in Norway – underlines our firm commitment to bring clean power to millions of people,” European Commission Vice-President responsible for the Energy Union Maroš Šefčovič said.
According to the Commission, the interconnector will span 624 kilometres, linking Norway and Germany across the North Sea. It will have a capacity of 1,400 megawatts, significantly improving the diversification and security of supply whilst enhancing electricity market integration in both countries.
Šefčovič reminded that forward-looking investments into modern energy infrastructure with adequate interconnections are needed integrate renewables into the grid. “It is a vital element of our energy security as well as our climate action,” the Vice President added.
https://www.neweurope.eu/article/eib-finances-electricity-link-between-norway-and-germany/