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NIB loans €165 million for Skagerrak subsea cable

EUROPE: The Nordic Investment Bank (NIB) is loaning Norwegian grid operator Statnett €165 million to part finance a new subsea cable between Norway and Denmark.

The high voltage direct current cable will run across the Skagerrak strait. When it is completed in 2014 it will be 240km long and have a 700MW capacity.

The cable, dubbed Skagerrak 4, will allow Denmark to export its surplus wind power.

Additionally, the NIB loan will fund the upgrade of the existing 13km cable across the Oslofjord. The line is essential for supplying eastern Norway and exchange capacity with Sweden.

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