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Signature(s)

Amount
€ 315,000,000
Countries
Sector(s)
Greece : € 315,000,000
Energy : € 315,000,000
Signature date(s)
16/12/2022 : € 65,000,000
16/12/2022 : € 250,000,000
Link to source

Summary sheet

Release date
2 September 2022
Status
Reference
Signed | 16/12/2022
20220336
Project name
Promoter - financial intermediary
IPTO CYCLADES INTERCONNECTION PHASE 4
INDEPENDENT POWER TRANSMISSION OPERATOR SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 315 million
EUR 524 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

Extension of the interconnection of Northern Cyclades through the connection of Western and Southern Cyclades (interconnection of the islands of Thira, Folegandros, Milos and Serifos) in a closed loop with the interconnected system of northern Cyclades via the GIS S/S of Naxos and with the continental Greece transmission network (HETS) via the EHV S/S of Lavrio. The project consists of five underground and submarine cables about 350 km long and the construction of four GIS substations on the islands.

The project aims at increasing the security and reliability of supply in the island systems; reducing the financial and economic cost of supply to the islands by allowing the phase-out of expensive and polluting oil-based generators (only 50 MW will be kept in reserve in Thira); and at allowing the decarbonisation of energy supply to island customers, including by indirectly increasing the RES hosting capacity of local networks by 100 MW.

Additionality and Impact

The Project will interconnect independent island systems that rely on polluting oil-based generation capacity, delivering significant economic benefits through local and general impacts by tackling multiple market failures. The Project also supports regional development and cohesion. The net benefits translate into an excellent economic profitability and broader social benefits. The Project is consistent with national and EU climate and energy goals. The financing of this Project also contributes to the Bank's lending priority objectives on Climate Action, Environmental Sustainability, and Economic and Social Cohesion. The good governance framework underpins overall very good quality and results of the Project.

The proposed operation meets the required funding needs of the promoter, by providing an amortising loan with a long tenor and an adequate pre-amortisation period, together with a sizeable financing volume. The EIB loan is expected to further improve the promoter's maturity profile as well as the diversification of its funding sources.

Environmental aspects
Procurement

By its technical characteristics the project is listed neither under Annex I nor Annex II of the EIA Directive 2011/92/EU as amended by Directive 2014/52/EU. Pursuant to Greek law, the project has been subjected to an environmental impact assessment (EIA), which was approved from the Ministry of the Environment and Energy with prescriptions on 07/06/2021. A total of approximately 26 km of the route length transit through eight Natura 2000 sites. Other sites of particular environmental importance are also interested. Typical impacts that can be expected for the project on both terrestrial and marine environment include habitat damage or loss, noise, chemical pollution, heat and electric field emissions. The most significant impacts that have been identified are during implementation, they are limited and mostly reversible. The permit and the underlying EIA studies confirm that, subject to the implementation of the specified mitigating measures, the project would neither have significant adverse effects on the environment nor adversely affect the integrity of any European site in relation to the site's conservation objectives.

The Bank will require the Promoter to ensure that contracts for implementation of the project have been tendered in accordance with the applicable EU procurement legislation, 2014/25/EU as well as Directive 92/13/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, 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 Impact Assessment (ESIA) - IPTO CYCLADES INTERCONNECTION PHASE 4 - Link to EIA and NTS
Publication Date
28 Nov 2022
Document language
Main Topic
Lending
Document Number
164700870
Document Focus
Environmental Information
Project Number
20220336
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - IPTO CYCLADES INTERCONNECTION PHASE 4 - Environmental Impact Study
Publication Date
28 Nov 2022
Document language
Main Topic
Lending
Document Number
164688998
Document Focus
Environmental Information
Project Number
20220336
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Data Sheet (ESDS) - IPTO CYCLADES INTERCONNECTION PHASE 4
Publication Date
21 Dec 2022
Document language
Main Topic
Lending
Document Number
160663814
Document Focus
Environmental Information
Project Number
20220336
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - IPTO CYCLADES INTERCONNECTION PHASE 4 - Μελέτη Περιβαλλοντικών Επιπτώσεων
Publication Date
28 Nov 2022
Document language
Main Topic
Lending
Document Number
158688226
Document Focus
Environmental Information
Project Number
20220336
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.
Alternatively, the EIB can be contacted through its external offices.
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.

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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.

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