UK National Grid secures $743 million green loan for Viking Link

The UK National Grid has secured a green loan worth USD 743 million to finance the Viking Link interconnector project.

This the first ever multi-credit export agency (ECA) covered green loan and follows the launch of the National Grid’s first green bond earlier this year, which raised EUR 500 million to finance UK electricity transmission projects with environmental benefits.

Both financings are part of National Grid’s Green Financing Framework.

“Britain’s energy system is in the midst of a rapid and complex transformation. We know we have a critical role in the acceleration towards a cleaner future,” said Katerina Tsirimpa, Head of Corporate Finance for National Grid.

“This green loan represents another important contribution towards our net zero commitment and it reinforces our strong leadership position in the path to a greener energy landscape.”

The 760km Viking Link will connect Bicker Fen in Lincolnshire, UK, and Revsing in South Jutland, Denmark. The DC interconnector is due to be completed in 2023.