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Signature(s)

Amount
€ 178,200,000
Countries
Sector(s)
Greece : € 178,200,000
Energy : € 178,200,000
Signature date(s)
10/06/2020 : € 78,200,000
9/05/2019 : € 100,000,000

Summary sheet

Release date
24 January 2018
Status
Reference
Signed | 09/05/2019
20170114
Project name
Promoter - financial intermediary
IPTO CRETE ISLAND INTERCONNECTION PHASE I
INDEPENDENT POWER TRANSMISSION OPERATOR SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 178 million
EUR 356 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

The proposed project concerns the interconnection of the island of Crete with mainland Greece, in the region of Peloponnese. The project includes two AC 150 kV submarine cables, 150 kV underground and overhead circuits, a compensation terminal in the Peloponnese and network reinforcements associated to the interconnection. The landing points of the submarine cables are in Kissamos bay (Crete) and the Malea peninsula (Peloponnese).

The project will (a) enable the replacement of thermal generation on the island (mainly oil-fired generation units) with more efficient generation from mainland Greece and (b) increase the hosting capacity of the island for renewable energy sources.

Environmental aspects
Procurement

Some of the investments fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU, thus requiring a review by the competent authorities at the planning/consent stage. The potential impacts of the project include visual impact, vegetation clearance, electromagnetic fields, noise nuisance, birds' collision and mortality, disturbance and damage of marine flora and fauna. Environmental impact studies will be carried out as applicable and mitigating and/or compensation measures will be applied as necessary.

The Bank will require the promoter to ensure that contracts for the implementation of the project are tendered in accordance with the relevant applicable EU procurement legislation, Directive 2014/25/EU, where applicable, as well as Directive 92/13/EEC and Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the European Union, as and where required.

Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - IPTO CRETE ISLAND INTERCONNECTION PHASE I
Publication Date
21 Jun 2018
Document language
Main Topic
Lending
Document Number
80807415
Document Focus
Environmental Information
Project Number
20170114
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - IPTO CRETE ISLAND INTERCONNECTION PHASE I - EIA
Publication Date
28 Jun 2018
Document language
Main Topic
Lending
Document Number
85229373
Document Focus
Environmental Information
Project Number
20170114
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - IPTO CRETE ISLAND INTERCONNECTION PHASE I - EIA
Publication Date
28 Jun 2018
Document language
Main Topic
Lending
Document Number
79188524
Document Focus
Environmental Information
Project Number
20170114
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - IPTO CRETE ISLAND INTERCONNECTION PHASE I - Φάκελος Τροποποίησης
Publication Date
12 Sep 2020
Document language
Main Topic
Lending
Document Number
133338856
Document Focus
Environmental Information
Project Number
20170114
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Completion Sheet (ESCS) - IPTO CRETE ISLAND INTERCONNECTION PHASE I
Publication Date
22 Dec 2022
Document language
Main Topic
Lending
Document Number
164949928
Document Focus
Environmental Information
Project Number
20170114
Sector(s)
Regions
Countries
Publicly available
Download now

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
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