Greece gets $200 M for Crete undersea power link

Greece: Greece grid operator ADMIE signed a $200 M (178 M euro) European Investment Bank loan to partly fund undersea cables from Crete to the mainland.

The 132 km interconnection of Crete to the Peloponnese peninsula is the 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 $391 M (350 M euros), consists of two undersea cables, and is expected to be completed next year.

Source: Reuters