June 16, 2020 / 8:20 AM / 19 days ago

National Grid secures £580 million loan for UK-Denmark power link

Migrating starlings fly at dusk past electricity pylons silhouetted by the sunset of a clear autumn evening in the Kent countryside, in Graveney, Britain, October 26, 2015. REUTERS/Dylan Martinez/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH 'BUSINESS WEEK AHEAD MAY 16' FOR ALL IMAGES

LONDON (Reuters) - Britain’s National Grid (NG.L) has secured a $734 million (£580 million) loan to help finance the development of the 2 billion euro power link it is building between Britain and Denmark, it said on Tuesday.

Once completed in 2023 the 1400 megawatt interconnector, called Viking Link, is expected to be able to supply renewable energy to around 1.4 million households.

The multi-export credit agency covered green loan is made up of $488 million from SACE Export Credit and $255 million from Euler Hermes Export Credit, National Grid said.

Viking Link is a joint project between Britain’s National Grid and Denmark’s power grid operator Energinet.

Reporting by Susanna Twidale, editing by Louise Heavens

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