Search En menu en ClientConnect
Top 5 search results See all results Advanced search
Top searches
Most visited pages
    Reference: 20170114
    Release date: 24 January 2018

    Promoter – Financial Intermediary




    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.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 178 million

    Total cost (Approximate amount)

    EUR 356 million

    Environmental aspects

    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.


    Signed - 9/05/2019


    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).

    Related tags

    Greece Energy