£82m EIB backing for Humber Gateway offshore transmission link
Wind farm<p><em>(LUXEMBOURG) </em>- The EU's investment bank is to provide GBP 82 million for the purchase, operation and maintenance of a new electricity transmission connection between the Humber Gateway offshore wind farm and the UK's national electric
(LUXEMBOURG) - The EU's investment bank is to provide GBP 82 million for the purchase, operation and maintenance of a new electricity transmission connection between the Humber Gateway offshore wind farm and the UK's national electricity network.
The new Humber Gateway transmission link will connect the 73 turbine 220 MW Humber Gateway wind farm to the mainland transmission grid at Hedon, and includes an onshore substation in Hull an offshore substation and 40km of mostly undersea cables.
"Offshore transmission connections are a key part of the UK's future energy infrastructure and the European Investment Bank is pleased to support significant new investment to connect the Humber Gateway wind farm to the national network", said Jonathan Taylor, European Investment Bank Vice President. "This new scheme represents the tenth UK offshore transmission link supported by Europe's long-term lending institution over the last 5 years."
The European Investment Bank is the world's largest international public bank, owned directly by the 28 European Union member states and one of the world's largest lenders for renewable energy related investment. Over the last decade the European Investment Bank has provided more than GBP 3.2 billion for investment in UK energy infrastructure.
The 19 year long-term EIB loan will be provided to Humber Gateway OFTO Ltd and the consortium behind the transmission link project comprises Balfour Beatty and Equitix.
Lending by the EIB in the UK last year totalled GBP 5.6 billion and represented the largest annual engagement since the start of EIB lending in the UK in 1973. This supported nearly GBP 16 billion of overall investment in 40 projects across the UK, which schools, university campuses, hospitals, upgraded energy links, renewable energy projects and water infrastructure.
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