<h6><strong>Ane Barcos</strong></h6> <h4><strong>Spain, France, and the European Investment Bank (EIB) formalized their commitment this Monday to finance the new electricity interconnection across the Bay of Biscay, a key infrastructure for strengthening the Iberian Peninsula's energy integration with the rest of Europe.</strong></h4> The signing of the first tranches of financing totaling €1.2 billion took place this Monday in Luxembourg. The event was attended by EIB President Nadia Calviño; European Commissioner for Energy and Housing Dan Jørgensen; French Minister of Industry and Energy Marc Ferracci; Spanish Secretary of State for Ecological Transition Miguel González Suela; President of Redeia Beatriz Corredor; and Thomas Veyrenc, member of the Executive Board of RTE. This funding is in addition to the €578 million already granted by the European Commission through the Connecting Europe Facility. The project, declared of Common Interest by the European Union, is being developed by Inelfe, a joint venture between the electricity transmission grid operators of Spain (Red Eléctrica) and France (RTE). Its purpose is to increase the electricity exchange capacity between the two countries, from the current 2,800 megawatts to 5,000, a key step toward meeting the European goal of achieving interconnection of 15% of installed capacity by 2030. The new infrastructure will have a total length of 400 kilometers, of which 300 will run underwater, thus becoming the first submarine electrical interconnection between Spain and France. Converter stations will be installed at each end, in Gatika and Cubnezais (France), which will allow direct current to be transformed into alternating current, facilitating its integration into national electricity grids. The interconnection is scheduled to be operational in 2028. Thereafter, it will contribute to strengthening the security of electricity supply in Spain, France, and Portugal, facilitate access to cleaner and more affordable energy for millions of European citizens, and prevent the emission of approximately 600,000 tons of CO₂ per year. It will also reduce the energy isolation of the Iberian Peninsula, strengthening its integration into the European energy market and improving the stability of the electricity system as a whole. During the event, the authorities underscored the strategic value of the project both for the energy transition and for strengthening cohesion and solidarity among European countries. EIB President Nadia Calviño emphasized that this interconnection is essential for overcoming the peninsula's status as an "energy island" and represents a decisive step towards a more energy-integrated Europe. Commissioner Dan Jørgensen emphasized that having more interconnected energy systems and markets is essential to ensuring a clean and stable supply in all corners of the continent. Both Beatriz Corredor and Thomas Veyrenc agreed that the project represents a physical and political bridge between nations, crucial to Europe's energy transformation. For his part, Marc Ferracci emphasized that doubling electric transmission capacity reflects France and Spain's strong commitment to decarbonization. Finally, Miguel González Suela emphasized that this agreement represents significant progress toward building the Energy Union and a more resilient European electricity system.
