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The European Investment Bank (EIB) has signed an agreement to finance
€200 million for the 1,000 MW HVDC submarine power interconnection system between Crete and Attica, mainland Greece.
The bank said on Wednesday that the loan agreement was reached with the country's
grid operator IPTO.
The Crete-Attica submarine interconnection project, implemented by Ariadne Interconnection, a subsidiary of IPTO, will require an investment of €1 billion
.
According to the agreement, the term of this EIB loan is 20 years, including a 5-year grace period, and is guaranteed
by the Greek government.
The EIB lending is part of a loan agreement with European bank Eurobank, which provided 200 million euros
for the program last summer.
Greece and the EU have already provided a total of 400 million euros, with the remaining 200 million euros coming from equity
.
The undersea interconnection system is designed to connect the Attica region of mainland Greece to Crete, which currently relies on outdated fossil fuel plants
.
The construction of the new system will facilitate the exchange of electricity between the two places and help the island develop its own renewable energy
.
Greece's Minister of Environment and Energy Kostas Skrekas said: "The interconnection of Crete's electricity with the mainland is essential
to achieve our goal of upgrading the power system in the coming years.
”
The European Investment Bank (EIB) has signed an agreement to finance
€200 million for the 1,000 MW HVDC submarine power interconnection system between Crete and Attica, mainland Greece.
The bank said on Wednesday that the loan agreement was reached with the country's
grid operator IPTO.
The Crete-Attica submarine interconnection project, implemented by Ariadne Interconnection, a subsidiary of IPTO, will require an investment of €1 billion
.
According to the agreement, the term of this EIB loan is 20 years, including a 5-year grace period, and is guaranteed
by the Greek government.
The EIB lending is part of a loan agreement with European bank Eurobank, which provided 200 million euros
for the program last summer.
Greece and the EU have already provided a total of 400 million euros, with the remaining 200 million euros coming from equity
.
The undersea interconnection system is designed to connect the Attica region of mainland Greece to Crete, which currently relies on outdated fossil fuel plants
.
The construction of the new system will facilitate the exchange of electricity between the two places and help the island develop its own renewable energy
.
Greece's Minister of Environment and Energy Kostas Skrekas said: "The interconnection of Crete's electricity with the mainland is essential
to achieve our goal of upgrading the power system in the coming years.
”
