Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 9 May 2019, the European Investment Bank signed a loan agreement with IPTO to finance the Crete–Peloponnese interconnection (IPTO Crete Island Interconnection Phase I). The 20‑year EIB loan amounts to EUR 178 million, covering about half of the construction cost of the new 150 kV AC submarine and associated onshore circuits between Crete (Kissamos Bay) and the Malea peninsula in the Peloponnese, enabling the project’s financing and investment decision to proceed.