NKT has secured two turnkey projects in Germany through the existing multi-year framework agreement with TenneT. These projects are integral to TenneT’s 2GW Program, regarded as one of the most ambitious infrastructure undertakings in Europe’s energy transition.
The Dutch-German transmission system operator, TenneT, has chosen NKT to supply 525 kV XLPE high-voltage direct current (HVDC) power cable systems, both onshore and offshore, for two initiatives under the current framework agreement, as detailed in Company Announcement no. 14 dated 5 May 2023.
“We are excited to be selected as a key partner once again for TenneT’s ambitious 2GW Program. This selection reinforces our strong partnership and NKT’s leading position in the high-voltage DC power cable sector. We are eager to apply our cutting-edge power cable technology to these two additional German projects, which will facilitate Europe’s energy transition by supporting the efficient transmission of wind power from the North Sea to the onshore grid,” stated Claes Westerlind, President and CEO at NKT.
The two projects awarded to NKT by TenneT are LanWin7 and a segment of NordOstLink. Contracts for these are anticipated to be finalized in 2026-27, with a total estimated value of approximately EUR 1 billion, including cable design, engineering, production, as well as onshore and offshore installation. As a result, NKT has now been awarded a total of five projects under the framework agreement, which is set to run until 2028, with an option for extension until 2031.
This new award does not alter NKT’s financial outlook for 2024.
