Imera’s Chief Executive Officer Rory O’Neill, said “There are two main factors which are driving the development of the North Sea Grid – the EU’s call for increased interconnection across Europe as a priority issue, and the EU’s target of 20% of its required energy from renewable sources by 2020. Imera’s EuropaGrid will not only fast-track increased cross-border interconnection in Europe, but also enable enormous growth in renewable generation developments.

Imera has recently received EU approval for its first interconnectors linking Ireland and the UK. At present, Imera holds five licenses and is actively developing interconnectors between Ireland and the UK, France and the UK, and Belgium and the UK. These projects form the foundation for EuropaGrid.

“Because we are a private company, we can build networks faster and cheaper than most regulated organisations. We also have access to the largest fleet of specialized cable-laying vessels and marine engineering expertise through our parent company, Oceanteam. We truly believe that EuropaGrid is the future of electricity in Europe and we have the in-house expertise, technical knowledge, and organisational capability to make it happen.”

Imera is currently raising over EUR100 million in investment to finance the development of the first phase of EuropaGrid. Imera does not face time or technology barriers compared to competitors and can complete projects within the three year deadline for interconnector schemes set as part of the EU’s EUR5 billion stimulus package. This means that Europe can benefit from a single electricity market while harnessing the power of offshore renewable energy across the EU states.