BERLIN - Germany and Norway say they've concluded a deal to construct a high-voltage undersea cable between the two countries to help improve the distribution of renewable energy sources.
Germany's state-owned KfW development bank, Norwegian power-grid operator Statnett and Netherlands-based grid operator TenneT said Tuesday they would together construct the cable to be put in use in 2018.
The project will be half owned by Norway and half by Germany through KfW and TenneT's German subsidiary and will cost up to €2 billion ($2.6 billion).
Germany is phasing out all nuclear plants and the companies say the project will help integrate the distribution of renewable energy.
The plan calls for Germany to supply Norway with wind and solar power, and Norway to supply Germany with hydro power when those energies aren't available.
