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    Reference: 20200122
    Release date: 16 June 2020

    Promoter – Financial Intermediary

    INDEPENDENT POWER TRANSMISSION OPERATOR SA

    Location

    Description

    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.

    Objectives

    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.

    Sector(s)

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

    Proposed EIB finance (Approximate amount)

    EUR 300 million

    Total cost (Approximate amount)

    EUR 1074 million

    Environmental aspects

    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.

    Procurement

    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.

    Status

    Signed - 23/12/2020

    Disclaimer

    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).

    Related tags

    Greece Energy