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€1.6bn pledged by EU investment bank for Spain-France power link
The European Investment Bank (EIB) has committed €1.6 billion to finance the Bay of Biscay electricity interconnection, a critical project aimed at strengthening energy links between Spain and France. This initiative comes in response to Spain’s calls for improved infrastructure following a massive blackout that paralyzed the Iberian Peninsula in April.
The blackout, one of Europe’s most significant in recent history, exposed the region’s limited energy interconnections. Experts believe that enhanced cross-border electricity networks could have mitigated the severity of the outage. The incident underscored the need for robust infrastructure to prevent future disruptions.
The EIB will provide loans to Spain's Red Eléctrica and France's RTE, the national grid operators, for the project. Once completed, the Bay of Biscay interconnection will nearly double the electricity exchange capacity between the two nations, increasing it from 2,800 to 5,000 megawatts. The project covers over 400 kilometers, including 300 kilometers of underwater cables beneath the Atlantic Ocean, and is slated for completion by 2028.
The first phase of funding, amounting to €1.2 billion, was formalized at a ceremony in Luxembourg, attended by EIB President Nadia Calviño, EU Energy Commissioner Dan Jørgensen, and officials from both countries. Calviño highlighted the project’s significance, stating it would ensure the Iberian Peninsula is no longer an energy island, while advancing EU energy security and competitiveness.
The European Union mandates that member states achieve at least 15% electricity interconnection capacity by 2030. This project is a key step toward meeting that target, aligning with broader efforts to enhance energy security and strategic autonomy within the bloc.
The April blackout also highlighted the Iberian Peninsula's reliance on external aid from France and Morocco to restore power. In response, Spain and Portugal jointly urged the European Commission to prioritize investment in interconnections to prevent similar crises in the future.
As construction progresses, the Bay of Biscay link is expected to play a pivotal role in integrating the Iberian Peninsula into Europe’s energy grid, ensuring greater reliability and resilience in the face of growing energy demands.