Privately financed contracts for the first Germany-U.K. subsea electricity link were signed on July 21 in London, aiming to get the 450-mile cable operational by 2028.

The owner of the 1.4-GW NeuConnect link this April awarded contracts worth $1.8 billion for cabling work and two converter stations to Prysmian Group and Siemens Energy, respectively. The total cost of the project is $2.9-billion.

NeuConnect also recruited an Anglo-German joint venture of Arup Group and Fichtner Group to provide project and commercial management and other oversight services. 

The link between Wilhelmshaven and the Isle of Grain is financed by more than 20 banks and institutions led by Meridiam, Allianz Capital Partners and Kansai Electric Power. 

The U.K. mainland currently has six electricity interconnectors with mainland Europe and the island of Ireland totaling 6 GW capacity.