National Grid secures loan for 760km undersea cable: Almost one and a half million homes will be powered with renewable energy because of a $743 million (£590m) green loan National Grid has secured.
An undersea electricity cable, which will connect Bicker Fen in Lincolnshire and South Jutland, Denmark and will enable the systems to share clean energy, financed by the grants for the Viking Link interconnection.
This development follows the launch of its first green bond earlier this year, which raised €500 million (448m) to fund environmentally-friendly electricity transmission projects in the UK notes National Grid.
Head of Corporate Finance, Katerina Tsirimpa for National Grid, commented: “Britain’s energy system is in the midst of a rapid and complex transformation. We know we have a critical role in the acceleration towards a cleaner future.
“This green loan represents another important contribution towards our net zero commitment and it reinforces our strong leadership position in the path to a greener energy landscape.”
This is a joint venture between National Grid and Danish system operator Energinet, the Viking Link project is expected to be delivered by 2023.
National Grid secures loan for 760km undersea cable