The European Investment Bank (EIB) has agreed to provide € 300 million for the construction of the BritNed Interconnector, a new electricity transmission cable between the United Kingdom and the Netherlands.

The BritNed cable is a 50:50 joint venture, between National Grid and TenneT, who operate the grids. It will have a capacity of 1,000MW and make a significant contribution to the security and diversity of electricity supplies in both the UK and the Netherlands. The EIB will contribute 50% of the overall € 600 million project cost. National Grid will receive € 150 million, while Tennet will receive a further € 150 million. The high-voltage direct current (HVDC) submarine power cable will be between the Isle of Grain in Kent (UK), and Maasvlakte near Rotterdam (The Netherlands). The interconnector is already under construction and is expected to be completed by December, 2010. The BritNed link will be available for commercial operations in the first quarter of 2011.