European Investment Bank

The European Investment Bank (EIB) provided project financing to INDEPENDENT POWER TRANSMISSION OPERATOR SA (IPTO) for the “IPTO NORTH EAST AEGEAN INTERCONNECTION” programme, which includes the Northern Aegean Interconnection Phase A connection of Lemnos (Limnos) to the mainland grid via Nea Santa in Thrace. The EIB project page reports signed EIB financing totalling EUR 490 million, structured as multiple loan signatures totalling the full amount. According to the EIB data sheet, the project will interconnect several North-East Aegean islands to the mainland transmission system, primarily using 150 kV AC cable interconnectors and 150 kV gas-insulated substations (GIS). The stated objectives include ending electrical isolation of the islands currently reliant on oil-based generation, improving reliability and security of supply, enabling additional renewable energy integration, and supporting regional development and cohesion. The EIB documentation notes that project implementation contracts are expected to be tendered in line with applicable EU procurement legislation. The financing was reported with signature dates on 17/12/2025 (EUR 50 million), 23/12/2025 (EUR 238 million), and 26/01/2026 (EUR 202 million), bringing the total signed EIB contribution to EUR 490 million.