ECONOMY

Grid operator secures EIB loan for undersea cable

grid-operator-secures-eib-loan-for-undersea-cable

Greece’s power grid operator ADMIE said on Wednesday it had secured a loan from the European Investment Bank (EIB) to build a 1-billion-euro power link that will connect the island of Crete to the mainland grid.

The 328-kilometer, 1,000-megawatt capacity underwater cable will be linked to another cable that Cyprus, Greece and Israel plan to install to interconnect their power grids – the so-called EuroAsia Interconnector that will cross the Mediterranean seabed.

The EIB has agreed to extend a €200 million loan to ADMIE with the option of additional financing of €100 million under a 20-year facility, ADMIE said in a statement. ADMIE has already received a €200 million loan from Eurobank, and will also use its own and European funds for the project, which is expected to be built by 2023, it said. [Reuters]