Press Release
TEPCO Power Grid enters into Stock Purchase Agreement to participate in the first ever UK-Germany Power Link (NeuConnect Interconnector Project)
26 Aug. 2022
TEPCO Power Grid, Inc.
On 24 Aug. 2022, TEPCO Power Grid, Inc. ("TEPCO PG") entered into a share purchase agreement with the shareholders of FI1 Limited ("FI1") via TEPCO Power Grid UK Limited (Headquarters: Britain; President: Shingo Ajisawa), a wholly-owned subsidiary of TEPCO PG in the United Kingdom, for the acquisition of FI1, which has minority stakes in the company managing the construction and operation of the first ever UK-Germany power link (hereinafter referred to as the,"NeuConnect Interconnector Project").
This NeuConnect Interconnector Project will be the second global power transmission business investment for TEPCO PG following the Triton Knoll offshore electricity transmission project, which was announced in Nov. 2021. The NeuConnect Interconnector Project (Transmission Capacity: 1.4GW) will see two new HVDC converter stations built on the Isle of Grain in south-eastern England and in Wilhelmshaven, in northern Germany, connected by over 700km of subsea cables.
European countries, such as the UK and Germany, continue to further increase the use of renewable energies in order to achieve net zero emissions by 2050. NeuConnect will enable both countries to flexibly exchange power from diverse sources with fluctuating output, such as wind and solar, thereby further accelerating the spread of renewable energies. In addition, NeuConnect will make a significant contribution to enhancing energy resilience and energy security in both countries since it will aid the exchange of power in times of emergency.
TEPCO PG considers global power transmission and distribution to be an important area of business, and will strive to contribute to the Net Zero society and enhancement of power network resilience in the world, by leveraging the experience and achievements gained through this venture.
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