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Summary sheet

Release date
7 July 2025
Status
Reference
Under appraisal | 06/05/2025
20250178
Project name
Promoter - financial intermediary
IPTO NORTH EAST AEGEAN INTERCONNECTION
INDEPENDENT POWER TRANSMISSION OPER
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 420 million
EUR 1543 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

Electricity interconnection of the islands of Lemnos, Lesvos, Chios, Samos, and Skyros to the mainland transmission grid (via Nea Santa in the area of Thrace to the north, and via Aliveri in the Evia island to the east), and to the Dodecanese islands grid (via Mastichari in the Kos island to the south). The connection will be mainly established through alternating current (AC) 150 kV cable interconnectors and 150 kV gas insulated (GIS) substations.

The project contributes to the energy and climate policy objectives of the European Union and Greece. It is expected to eliminate the electrical isolation of the concerned islands, ensure a more efficient, reliable and clean electricity supply in comparison to the status quo (local diesel or high-fuel oil power stations), improve security of supply, increase the hosting capacity for connection of Renewable Energy Sources ("RES") in the region, contribute to the further economic development of the concerned islands, particularly via tourism.

Environmental aspects
Procurement

Most of the project components fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU, which requires the competent national authority to determine the need for an EIA. The impacts that can be typically expected relate to visual impact, vegetation clearance, collision and electrocution of flying vertebrates, electromagnetic fields, noise nuisance, and disturbances during construction, as well as the possible impacts on protected fauna and flora (Habitats 92/43/EC and Birds 2009/147/EC Directives)

The EIB will require the promoter to ensure that contracts for implementation of the project have been and will be tendered in accordance with the applicable EU procurement legislation: Directive 2014/23/EU / 2014/24/EU / 2014/25/EU as well as Directive 92/13/EEC or 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.

Milestone
Under appraisal
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).

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.
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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Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

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 Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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