EIB Provides $1 Billion for the Bay of Biscay Electricity Interconnection Project
The European Investment Bank (EIB) has committed 1.6 billion euros ($1 billion) to build a biscuit power interconnection that will increase the power exchange capacity between Spain and France.
The project is part of efforts to strengthen cross-border connections and improve energy security within Europe.
The Biscay Gulf Interconnection, designated by the European Union as a project of common interest, is being carried out by Inielf, a joint venture between Red Ereclika and Resort transport castration science.
The purpose of this project is to connect two alternating current systems via submarine direct current lines.
Conversion stations in Cubnezais, France and Gatika, Spain, directly convert currents into alternating currents for integration with their respective national transmission grids.
The first loan tranche, totaling 1.2 billion euros ($1 billion), was signed at EIB headquarters in Luxembourg.
Financial support complements the substantial EU grant of 578 million euros ($666 million) allocated to facilities in Connecting Europe.
Along with initiatives such as the Baixas-Santa Llogaia Underground Project and the Argia-Hernani infrastructure improvements, the project aims to strengthen integration of the Iberian Peninsula into the EU energy market.
Construction work on the project is currently underway and is scheduled to be operated in 2028.
When activated, the project will almost double the power exchange capacity of Spain France to 5GW, reducing carbon emissions by 600kt per year.
The Bay of Biscay project is consistent with broader objectives, including meeting the EU’s interconnection goals, providing that by 2030 member states must have at least 15% of their production capacity installed.
“EIB Provides $1 Billion to the Bay of Biscay Electricity Interconnection Project” was originally created and published Power Technologya brand owned by GlobalData.
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