The undersea electricity cable project’s cost is estimated to one billion euros. Greek electricity transmission system operator ADMIE said that it has secured a loan from the European Investment Bank (EIB) intended to finance the project for the construction of underwater electricity cable connecting the island of Crete with the mainland.
The 328 kilometers long, 1,000 MW capacity underwater cable will be linked to another cable that Cyprus, Greece and Israel plan to install to interconnect their electricity networks – the so-called EuroAsia Interconnector that will cross the Mediterranean Sea.
The EIB has agreed to extend a 200 million euros loan to ADMIE with the option of additional financing of 100 million euros under a 20-year facility. ADMIE has already received a 200 million euros loan from Eurobank, and will also use its own and European funds for the project, which is expected to be completed by 2023.