Overview

• The European Investment Bank has greenlit €1.6 billion in loans for the Bay of Biscay interconnector, signing an initial €1.2 billion tranche at its Luxembourg headquarters
• Inelfe, a joint venture of Réseau de Transport d’Électricité and Red Eléctrica, will construct a submarine high-voltage direct current link between Cubnezais in France and Gatika in Spain
• Once operational in 2028, the project will increase cross-border capacity to 5,000 MW—nearly doubling current electricity exchanges and advancing the EU’s 15 percent interconnection target for 2030
• Designated a European Project of Common Interest, the initiative aligns with the EIB’s Climate Bank strategy and the European Commission’s REPowerEU plan to fortify the bloc’s energy transition
• By enabling cleaner power flows, the interconnector is projected to cut 600,000 tonnes of CO₂ emissions annually and strengthen supply resilience on the Iberian Peninsula