The project will finance the electricity interconnection between the island of Crete and Attica, the region of the Greek capital, Athens. The project includes the implementation of a bipolar High Voltage Direct Current (HVDC) link with a rated capacity of 1000 MW, rated voltage /±500 kV and a submarine cable of length of 328 km. The implementation of several other transmission system assets for the connection of the HVDC link with the existing network is also part of the project.
The project (a) will enable the replacement of thermal generation on the island of Crete (mainly oil-fired generation units) with more efficient generation from mainland Greece and (b) will increase the hosting capacity of the island for Renewable Energy Sources (RES). Considering the above, the project is expected to have a positive contribution to Climate Action.
Some of the investments may fall under Annex I or Annex II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU, amending Directive 2011/92/EU, thus requiring a review by the competent authorities at the planning/consent stage with due regard to the necessity for an Environmental Impact Assessment. The status of permitting and the need for the project to undergo an EIA and/or Appropriate Assessment are not known at this stage and will be further investigated during appraisal. The actual impacts, including potential negative impacts on sites of Natura conservation importance, and the planned mitigating and/or compensating measures will be reviewed during appraisal.
The Bank will require the Promoter to ensure that contracts for the implementation of the project be tendered in accordance with the relevant applicable EU procurement legislation, Directives 2014/25/EU and 2004/17/EC, 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 EU Official Journal, as and where required. Tender notices already published in the EU Official Journal are: 2019/S 092-223460 and 2019/S 092-223461.
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).
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General enquiries and comments
The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
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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Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.
Zero tolerance against fraud and corruption
The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.