€400m financing secured for Greek interconnection project
Ariadne Interconnection, a company fully owned by Greek grid operator IPTO SA, has secured up to €400 million ($449.1 million) for the 1,000MW HVDC Attica-Crete interconnection project in Greece.
The financing was arranged with Greek lender Eurobank, which said the project is budgeted at €1 billion.
There is a possibility that the European Investment Bank will participate with up to €200 million at a later stage, while Greece and the EU will co-finance the remaining €400 million.
The Ariadne interconnection will run from the Attica region in mainland Greece to the island of Crete, which is currently dependent on out-dated fossil-fuel plants. It will facilitate the exchange of electricity between the the points and help the island develop its own renewables.
