National Grid has secured the first multi export credit agency (ECA) covered green loan. The $743m financing package, made up of $488m from SACE Export Credit and US$255 million from Euler Hermes Export Credit, was structured under National Grid’s Green Financing Framework. This is the first time multiple ECAs have come together to finance a green project of this size.

The loan, which follows the guidelines set by the Loan Market Association’s Green Loan Principles, will help fund the ‘Viking Link’ €2bn 1400MW subsea electricity cable, known as an interconnector, between the UK and Denmark.

The Viking Link is a joint venture between National Grid and Danish system operator Energinet, and will once complete enable more effective use of renewable energy, access to sustainable electricity generation and improved security of electricity supply, and help Nation Grid achieve its target of reaching 90 per cent of electricity imported via interconnectors coming from zero carbon sources by 2030.

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