March 9, 2020 / 9:38 AM / 23 days ago

EIB signs 250 mln euro loan agreement with TenneT for new Dutch power line

LONDON, March 9 (Reuters) - The European Investment Bank (EIB) has signed a 250 million euro ($284 million) loan agreement with TenneT Holding IPO-TTH.AS to help finance a new high-voltage transmission line in the Netherlands, the German-Dutch grid company said.

The loan will be used to help finance the construction of a 380 kilovolt transmission line to enable the transfer of offshore wind energy to users in the Netherlands and elsewhere.

One of the main reasons for the upgrade is the ongoing growth of offshore wind power generation capacity off the Dutch southwest coast, as part of the 1.4 gigawatt Borssele wind farm zone.

The new connection will help avoid congestion on the high voltage grid once the wind farms are in operation and will help transfer electricity from them. ($1 = 0.8793 euros) (Reporting by Nina Chestney; Editing by Kirsten Donovan)

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