By allowing greater power transfers, the Nemo Link will help smooth out variability in the two countries' power systems, providing an effective way to manage fluctuations in supply and demand.
This will facilitate the deployment of more offshore wind in particular.
The 140-kilometre link will also contribute to building an integrated European energy market, increasing security of supply and meeting renewable targets, the TSOs say.
Contracts for the construction of the Nemo Link converter stations and cable laying will be announced in the coming weeks.
Engineering design work and site preparation should start later in the year, with commercial operation scheduled for early 2019.
