The £2.2 billion ($2.6 billion) DFI/ECA-backed debt package funding the construction of the interconnector project linking Germany to the UK – NeuConnect – reached financial close on 21 July this year. Sponsored by Meridiam, Allianz Capital Partners, Kansai Electric Power, FI1 (in process of selling its stake), the project will have a 725km cable with a rated capacity of 1.4GW and DC voltage of 525 kV.Lenders on the deal include AIB, Bank of China, BayernLB, CaixaBank, CIC, DZ Bank, EIB, JBIC, Lloyds, Mizuho, Nippon Life, Norinchukin, NordLB, Rabobank, Societe Generale, Shinsei, Siemens Bank, SMBC, SMTB, Talanx Group (represented by Ampega Asset Management) and UK Infrastructure Bank (UKIB). However, the lenders were not all involved in both tranches, selecting the currencies they were most comfortable to lend in. The multilaterals were heavily involved in the debt component, with the EIB providing €380 million in the EUR tranche, JBIC put up £270 million in the GBP tranche and €157 million in the EUR tranche, and UKIB funded £150 million in the GBP tranche. The largest commercial debt tickets – at and above €100 million – are understood to have been provided by the AIB, Ampega, Lloyds, Nippon Life, and Norinchukin.The 25-year facility comprises two tranches: a £1.307 billion loan priced at 180bp (over reference rate) during construction and steps down during operation to 160bp (years 1-10), increasing incrementally to 175bp (years 11-17) and then 190bp (year 18 to maturity); and a €1.08 billion loan priced at 160bp (over reference rate) during construction and dropping to 140bp during years 1 to 10 of operation, then increasing from years 11 to 17 to 175bp and 190bp from year 18 to maturity.Advisers include: Societe Generale – financial to sponsors; Linklaters – legal to sponsors; CMS – legal to sponsors; Herbert Smith Freehills – legal to lenders; and Arup-Fichtner JV – EPC.