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Greece's Cretan cable project won a loan of 178 million euros from the European Investment Bank

May 17, 2019

Latest company news about Greece's Cretan cable project won a loan of 178 million euros from the European Investment Bank

2019/05/16 09:49:28 Source: Cable Network Share to:
[Cable Network News] Greece has received a 20-year long-term loan secured by the European Investment Bank to build a submarine cable project connecting the Greek mainland and Greece's largest island, Crete, with a loan amount of 178 million euros.

According to reports, this 132-kilometer submarine cable is the first grid interconnection system between the Greek mainland and Crete to ensure the security of the energy supply in Crete. Once completed, it will provide one-third of the electricity demand for Crete, reduce the use of fuel-fired power plants, and promote renewable energy development on the island.

At the same time, the construction of submarine cables can also stimulate the development of renewable energy such as wind power in Crete, allowing the island's abundant wind power to provide clean energy to other parts of the country.

Greek Environment and Energy Minister Giorgos Stathakis said the project is one of the largest projects to protect Greece's growing energy needs, with significant economic benefits and an environmentally friendly footprint.

At present, the island's electricity is mainly from oil power plants that use imported fuel oil.

According to the plan, the submarine cable project will be put into use in 2020.

(This article is the first cable network www.cableabc.com)

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