ADMIE signs $200 million EIB loan for undersea cables
Greek grid operator ADMIE has signed a $200 million (€178 million) European Investment Bank loan to help fund the construction of undersea cables from the island of Crete to the mainland.
The 132-kilometre interconnection of Crete to the Peloponnese peninsula will help secure power supply on the island, which currently relies solely on oil-fired plants, and will help Greece ramp up its renewable energy capacity, ADMIE said.
The project, budgeted at nearly $400 million, consists of two undersea cables and is expected to be completed next year.
Total lending in Greece by the EIB, which is owned by the European Union’s 28 member states, stands at over $21 billion, including green energy, transport and telecommunications projects.
Source: Energy World
Photo (for illustrative purposes): Crete, Greece. Spinalonga Island / Herbert2512 / Pixabay / Free for commercial use