The European Investment Bank (EIB) has undertaken to participate in financing the France-Spain interconnector, the first trans-European direct current link using innovative converter technology, with a €350m loan to the two operators of the French and Spanish power grids, RTE and REE. The new line will connect the municipalities of Santa Llogaia (near Figueras) and Baixas (near Perpignan) and will be laid entirely underground in 64.5 km of trenches (31 km and Spain 33.5 km in France). The section crossing the Albera Massif (Pyrenees) will be laid in an 8.5 km tunnel alongside those of the Perpignan-Figueras high-speed rail line. The primary purpose of this new interconnection is to double electricity exchange capacity between Spain and the rest of Europe from 1,400 to 2,800 MW. The commercial launch of the interconnector is scheduled for 2014. The total budget is €700m. The power interconnector is also receiving a €225m EU grant under the European Energy Programme for Recovery.