The European Investment Bank (EIB) has invested €100 million (£89m) in bonds to support the electricity interconnector between Germany and Norway.

Nordlink will have a total capacity of 1.4GW and is being developed by Norway’s Stanett and DC Nordseekabel, which is equally owned by TenneT and German bank KfW.

Once completed, the 624-km interconnector is expected to improve diversification and security of supply and enhance electricity market integration in both countries.

Maroš Šefčovič, European Commission Vice President for the Energy Union said: “We need forward-looking investments into modern energy infrastructure with adequate interconnections, in particular to integrate renewables into the grid.

“It is a vital element of our energy security as well as our climate action. This smart combination of renewable power generation – solar and wind in Germany and hydroelectric in Norway – underlines our firm commitment to bring clean power to millions of people.”