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The European Investment Bank announced that it has signed a long-term loan of 178 million euros for the construction of the first electricity interconnection project
between mainland Greece and Crete, the country's largest island.
Specifically, the term of this loan is 20 years
.
During this period, the EIB will provide 50% of the cost of
the electricity interconnection project.
The Power Interconnection Project connecting mainland Greece with Crete is an undersea power cable
connecting the Malea Peninsula in the Peloponnese and the Bay of Kissamos in Crete.
The project aims to provide clean electricity to Crete and reduce carbon emissions
.
Currently, Crete's electricity comes mainly from oil-fired power plants
that use imported fuel oil.
When commissioned, the project will provide 30-40% of Crete's electricity supply and access to renewable energy generated elsewhere in Greece, minimizing risks during periods of peak electricity or periods of high seasonal demand
.
Not only that, but the new electricity interconnection project can also promote the development of renewable energy sources on the island, especially wind power, which is expected to provide clean electricity
to mainland Greece while wind power is surplus.
The power interconnection project is expected to be put into operation
in 2020.
The European Investment Bank announced that it has signed a long-term loan of 178 million euros for the construction of the first electricity interconnection project
between mainland Greece and Crete, the country's largest island.
Specifically, the term of this loan is 20 years
.
During this period, the EIB will provide 50% of the cost of
the electricity interconnection project.
The Power Interconnection Project connecting mainland Greece with Crete is an undersea power cable
connecting the Malea Peninsula in the Peloponnese and the Bay of Kissamos in Crete.
The project aims to provide clean electricity to Crete and reduce carbon emissions
.
Currently, Crete's electricity comes mainly from oil-fired power plants
that use imported fuel oil.
When commissioned, the project will provide 30-40% of Crete's electricity supply and access to renewable energy generated elsewhere in Greece, minimizing risks during periods of peak electricity or periods of high seasonal demand
.
Not only that, but the new electricity interconnection project can also promote the development of renewable energy sources on the island, especially wind power, which is expected to provide clean electricity
to mainland Greece while wind power is surplus.
The power interconnection project is expected to be put into operation
in 2020.
