Greek grid gets $200 mln EIB loan for Crete undersea power link

Holding Admie Ipto SA

09/05/2019 15:14

ATHENS, May 9 (Reuters) - Greece moved closer to cutting
Crete's reliance on oil to generate power on Thursday as grid
operator ADMIE  ADMr.AT  signed a 178 million euro ($200
million) European Investment Bank loan to partly fund undersea
cables to the mainland.
    The 132 kilometre interconnection of Crete to the
Peloponnese peninsula is key to ensuring the power supply on the
island which relies solely on oil-fired plants and will help
Greece ramp up its renewable energy capacity, ADMIE said.
    The project, budgeted at 350 million euros, consists of two
undersea cables, and is expected to be completed next year.
    Total lending in Greece by the EIB, which is owned by the
European Union's 28 member states, stands at 19 billion euros 
($21.4 billion), including green energy, transport and
telecommunications projects.
($1 = 0.8896 euros)



 (Reporting by Angeliki Koutantou;
Editing by Alexander Smith)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))