The European Investment Bank (EIB) and Independent Power Transmission Operator (IPTO) are co-financing part of the €1 billion ($1.2 billion) Crete-Attica interconnection, the largest energy infrastructure project currently under construction in Greece.
“The electrical interconnection of Crete with the mainland is pivotal in achieving our goal to overhaul the electricity system in the next few years,” said Kostas Skrekas, minister of environment and energy. “Connecting the largest Greek island with the national electricity transmission network is a decisive step in this direction, as well as in the transition of the country to a low-carbon footprint economy.”
Ariadne Interconnection, IPTO’s fully-owned subsidiary, and EIB signed a €200 million ($237 million) loan agreement, with the option to extend funding by €100 million ($118 million). The funding has a duration of 20 years and includes a five-year grace period.
According to EIB, financing for
