Statnett will own and develop the Norway-Germany interconnector, dubbed NordLink, with a 50% interest.
The remaining stake will be held by a group consisting of the grid firm TenneT and the German investment bank Kreditanstalt für Wiederaufbau (KfW).
The subsea cable, which is expected to be commissioned in 2018, will run between Tonstad in Norway and Schleswig-Holstein in Germany.
The Norway-UK project, dubbed North Sea Network (NSN), will be developed and owned 50% by Statnett and 50% by the UK energy firm National Grid.
It will run between Kvilldal in Norway and Blyth in the UK.
The NSN project, which is planned to be commissioned in 2020, is claimed to be the world’s longest sub-sea cable.
Both the projects, which will each have 1400MW of capacity, will increase Norway’s interconnection capacity by about 50%.
Statnett executive vice president HÃ¥kon Borgen said: "The two new interconnectors will be key parts of the next generation power system and will contribute to greater security of supply and more value creation in Norway.
"They will also pave the way for increased utilisation of renewable energy, and thereby for reaching the climate targets in Norway and our partner countries."
Norway Minister of Petroleum and Energy Tord Lien said: "Interconnection with Germany and the UK will give a better utilization of the power systems and create economic benefits. These cables are important for successfully increasing our share of renewable energy."
Image: The NordLink and NSN projects, which will each have 1400MW of capacity, will increase Norway’s interconnection capacity by about 50%. Photo: Courtesy of twobee/FreeDigitalPhotos.net.
