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The EIB has signed a €500 million financing contract with Terna for the eastern section
of the Tyrrhenian submarine cable connecting Sicily and Campania.
The project aims to connect Sicily with Sardinia and the Italian peninsula via a 970 km, 1,000 MW DC double submarine cable, promoting the development of
renewable energy, grid reliability and energy security.
The loan signed today is the first
€1.
9 billion loan approved by the European Investment Bank for the Tyrrhenian Connect project.
Terna plans to invest around 3.
7 billion euros in the construction of the Tyrrhenian connection, the first phase connecting the Italian peninsula and Sicily (eastern sector), which is expected to be commissioned in 2025, and then to Sardinia (western sector).
The infrastructure will be fully operational
in 2028.
Gelsomina Vigliotti, Vice President of the European Investment Bank, said: "As world leaders gather in Egypt for COP27, the EIB, as the EU climate bank, is pleased to sign the first €500 million to support the construction of the
Tyrrhenian connection.
This infrastructure is of great strategic importance to ensure Italy's energy security, reduce CO2 emissions and promote the development of
renewable energies.
”
The 22-year loan has a longer term and a more competitive cost than the average loan on the market, in line with Terna's policy of
optimizing its financial structure.
This brings the total amount of EIB financing for Terna to €2.
6 billion, with the remaining €1.
4 billion going to other Tyrrhenian connection projects
already approved by the bank.
The EIB has signed a €500 million financing contract with Terna for the eastern section
of the Tyrrhenian submarine cable connecting Sicily and Campania.
The project aims to connect Sicily with Sardinia and the Italian peninsula via a 970 km, 1,000 MW DC double submarine cable, promoting the development of
renewable energy, grid reliability and energy security.
The loan signed today is the first
€1.
9 billion loan approved by the European Investment Bank for the Tyrrhenian Connect project.
Terna plans to invest around 3.
7 billion euros in the construction of the Tyrrhenian connection, the first phase connecting the Italian peninsula and Sicily (eastern sector), which is expected to be commissioned in 2025, and then to Sardinia (western sector).
The infrastructure will be fully operational
in 2028.
Gelsomina Vigliotti, Vice President of the European Investment Bank, said: "As world leaders gather in Egypt for COP27, the EIB, as the EU climate bank, is pleased to sign the first €500 million to support the construction of the
Tyrrhenian connection.
This infrastructure is of great strategic importance to ensure Italy's energy security, reduce CO2 emissions and promote the development of
renewable energies.
”
The 22-year loan has a longer term and a more competitive cost than the average loan on the market, in line with Terna's policy of
optimizing its financial structure.
This brings the total amount of EIB financing for Terna to €2.
6 billion, with the remaining €1.
4 billion going to other Tyrrhenian connection projects
already approved by the bank.
