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Imera Announces EUR4.4 Billion Pan European Electricity Grid Project

Posted on: Monday, 2 February 2009, 08:38 CST

DUBLIN, February 2 /PRNewswire/ --

- Offshore Power Network to Enable Renewable Energy to be Connected, Enhancing Security of Supply and Cross Border Trade

Imera has announced today that it will build North Sea and Atlantic electricity grids, connecting key markets and offshore wind farms as the foundation for a pan-European offshore electricity network. The EuropaGrid will enable the development of a true European integrated power market and greatly enhance electricity security of supply.

Imera's unveiling of its plans follows the EU's announcement of a EUR5 billion stimulus package that includes schemes for increased interconnection.

Commenting on the EU announcement, Rory O'Neill, Imera's CEO 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 is an asset investment company specialising in the development of subsea power interconnectors and power transmission grids and 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 EUR100M 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.

Further information about Imera can be obtained on http://www.imerapower.com

SOURCE Imera

Source: PR Newswire

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