The Greek power grid transmission operator ADMIE has signed up for a €178m loan with the European Investment Bank (EIB) to fund the construction of the 132 km underwater power interconnection of Crete to the Peloponnese peninsula. The €350m project is expected to be finalised in 2020.
The interconnection of the Greek Islands Cyclades, Dodecanese and Crete is among ADMIE's top priorities. ADMIE is carrying our the Cyclades interconnection plan that aims to ensure reliable, economic and sufficient supply of electricity to the islands Syros, Paros, Tinos, Mykonos and Naxos islands. The whole project is split in three phases. Under the Cyclades interconnection plan, ADMIE has already managed to interconnect Lavrio and the islands of Syros, Paros and Mykonos (2018) in a project that required €245m in investment. Links between Paros and Naxos, as well as between Naxos and Mykonos, between Andros with Tinos and the upgrade of the existing cable connection linking Andros with Livadi in southern Evia are all projects to be completed in 2019. The interconnection between Lavrio (southeast Athens) and Syros, is planned to be commissioned for 2020.