We are actively participating in a landmark project with significant benefits for the economic growth of Greece. We are the exclusive sponsor of the largest energy project in Greece for 2020: the electrical interconnection of Crete with Attica. This is the dawn of one of the largest investments in Europe and an agreement of strategic importance for Eurobank.
The Eurobank CEO, Mr Fokion Karavias, stated, “Eurobank’s cooperation with IPTO for the exclusive financing of the project for Crete-Attica electrical interconnection underlines the Bank’s commitment and capacity to be present in each and every landmark project in the country.
This is a major project for the Greek economy and for sustainable development. Besides its large and direct benefits, it fully integrates the green transition strategy that will highlight and allow full use of the island’s rich potential in renewable energy resources. Under the current circumstances it also has geopolitical significance.”
Agreement with the Independent Power Transmission Operator SA
Eurobank is the exclusive sponsor of the Crete-Attica electrical interconnection project. On 01/07/2020 we signed an agreement with the Independent Power Transmission Operator SA (IPTO).
We have undertaken to finance the project with funds amounting to €400 million.
The total budget for the project is €1 billion. It is expected to be concluded in 2022.
The project at a glance
The Crete-Attica electrical interconnection will be constructed by Ariadne Interconnection SPSA, a subsidiary of IPTO. It has been designed based on the strictest international standards. It is one of the largest subsea power interconnections globally:
- Laying underground and submarine direct current cables. It has a rated power of 1000MW and a voltage up to 500kV. A total of 400 km of cables will be used, 330 of which will be submarine.
- Developing AC/DC converter stations.
The project is bringing to life a vision that goes back decades.
Contributing to the Greek economy and the environment
Crete and Greece as a whole will reap significant benefits from the construction of the Crete-Attica electrical interconnection. In the mid- to long-term, the project will:
- Reduce by €400 million the cost of energy production and the bills charged to households across Greece.
- Limit by 60% CO2 emissions on Crete.
- Resolve once and for all the issue of Crete’s power adequacy.
- Create new prospects for developing Renewable Energy Sources (RES) on Crete.
- Upgrade Crete’s transmission system infrastructure.
- Support the Greek companies participating in the construction of the project.
We are continuing to contribute to the economic growth of Greece and the protection of the environment with specific actions.