TenneT awards $25 bln in contracts to build North Sea-to-shore connections

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TenneT awards $25 bln in contracts to build North Sea-to-shore connections
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Dutch state-owned electric grid company TenneT has awarded 11 contracts worth a combined 23 billion euros ($25 billion) to build systems connecting wind farms in the North Sea to shore, it said on Thursday.

and London-based Petrofac Ltd said it had signed a 13 billion euro agreement for six projects. Petrofac said the deal was the largest in its history. Its shares, which had been languishing under the weight of a four-year bribery probe thatThe connection systems that TenneT and the companies are planning will convert the alternating current electricity collected from individual wind turbines to high voltage DC current and bring it to onshore converter stations.

Germany, the Netherlands, Denmark and Belgium are overseeing projects to build 65 GW worth of offshore wind by 2030 as Europe tries to reduce reliance on fossil fuel and meet climate goals.The Dutch and German governments are in talks for Germany to buy TenneT's German operations in light of the company's massive investment needs, estimated at over 100 billion euros in the coming decade.

Reporting by Toby Sterling Additional reporting by Himanshi Akhand in Bengaluru Editing by Jan Harvey and Mark Potter

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