18/12/2009 (Agence Europe) - The European Investment Bank (EIB) has agreed to provide a €300 million loan 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, the grid operators in the two countries. It will have a capacity of 1,000 MW and make a significant contribution to the security and diversity of electricity supplies in both the UK and the Netherlands. It will also boost competition by improving connections with European markets, the EIB states. The bank will finance 50% of the total €600 million project cost (i.e. €300 million). National Grid will receive €150 million following an agreement signed with the EIB, and TenneT will receive the same amount. (O.L./transl.jl)