Subscriber Login

Deal Watch

Ariadne and Eurobank ink EUR400 million loan for Crete–Attica link [free access]

July 2, 2020

The Greek Independent Power Transmission Operator (IPTO) Anexartitos Diacheiristis MetaforasIlektrikis Energeias’ (ADMIE) subsidiary—Ariadne Interconnection, and Eurobank have inked a loan agreement up to EUR400 million to finance the Crete–Attica high voltage direct current (HVDC) interconnector project in Greece.


The common bond loan has a repayment period of 10 years with a possibility of partial withdrawals, according to the implementation course of the interconnection. In addition to bank lending, the project will be implemented using equity of EUR200 million, while the remaining EUR400 million will come from the co-financing of Greece and the European Union (EU) under the operational programme "Competitiveness, Entrepreneurship, Innovation 2014-20", or/and its following programme.


The EUR1 billion interconnector project is deemed as urgent to avert electricity shortages on Greece’s largest island. It includes the construction of two converter stations with a rated power of 1,000 MW each; two nearly 330-km long, HVDC undersea cables (USC) with a rated power of 1,000 MW in bipolar operation, stretching from the Megara beach (Attica) to the Korakia beach (Crete); and two electrode stations at both ends. It also involves the construction of a Korakia (Crete) terminal transition station for the transition of the DC underground cable (UGC) to DC overhead line (OHL); a new 150 kV coupling gas insulated switchgear (GIS) substation for the connection of the AC/DC converter station to the 150 kV AC Crete system; and construction/upgradation of 150 kV lines in Crete. 


The interconnector is scheduled to be commissioned by mid-2023.