The NeuConnect consortium has awarded contracts worth £1.5bn ($1.95bn) to Prysmian Group and Siemens Energy to deliver cabling works and converter stations for the first subsea power link between the UK and Germany.

Prysmian Group will be responsible for designing, manufacturing, installing, testing and commissioning the 725km interconnector, while Siemens Energy will design and build two converter stations in the two countries.

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The NeuConnect project will facilitate the transmission of 1.4GW of electricity, which will be enough to power up to 1.5 million homes.

It is also expected to displace around 16 million tonnes of carbon emissions over a period of 25 years.

NeuConnect Board Chair and Meridiam co-founder Julia Prescot said: “The need for more secure, sustainable energy infrastructure has never been greater, so we are pleased to reach another key milestone on the NeuConnect project, bringing this vital new energy link an important step closer.

“The selection of two world-class contractors gives us huge momentum and keeps us on track to reach financial close in the coming weeks and begin major construction work later this year.”

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The privately financed NeuConnect project is led by several global investors, including Meridiam, Allianz Capital Partners and Kansai Electric Power.

With the finalisation of the key contracts, the project is expected to reach financial close in the coming weeks, allowing works to start later this year.

Once complete, the interconnector will transmit surplus wind energy from Germany to the UK.

Siemens Energy UK and Ireland high-voltage grids vice-president Mark Pilling said: “The electricity connection between Great Britain and Germany will ensure greater security of supply and flexibility for both countries.

“NeuConnect will not only help accelerate the decarbonisation of our energy system, but it will also support levelling up and create hundreds of green jobs in Great Britain and Germany.”