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North Sea Link increases energy security

SEK has financed ABB’s deliveries to the 720 km long subsea interconnector, the North Sea Link (NSL), between the UK and Norway. The aim is to secure electricity supplies between the two countries and the link is expected to be operational by 2021.

Water and wind power

Facts

Type of business: Export Credit CIRR
Amount: USD 230 million
Borrower: Statnett och National Grid
Exporter: ABB
Structuring bank and agent: BNP Paribas
Guarantee: EKN

Facts

Type of business: Export Credit CIRR
Amount: USD 230 million
Borrower: Statnett och National Grid
Exporter: ABB
Structuring bank and agent: BNP Paribas
Guarantee: EKN

ABB’s involvement in the project comprises the delivery of converter stations. The order value is approximately USD 450 million, and SEK is providing financing of around USD 230 million in the form of a fixed-CIRR export credit.

The proposed subsea cables will be routed from the converter station in East Sleekburn near Blyth in the UK to Kvilldal in Norway. The cable will pass through UK and Norwegian territorial waters. The North Sea Link will give the UK access to Norwegian hydropower whilst giving Norway access to the UK’s increasing portfolio of wind power and renewable energy.

The North Sea Link will increase the security of electricity supplies and lead to a reduction in CO2 emissions equivalent to 2.65 million tons per year. The portion financed by SEK corresponds to an annual reduction of 371,000 tons of CO2 emissions.

Would you like to know more?

Contact Peter for more information.

peter.odefalk@sek.se

08-613 85 04

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