Fid Financial Close

On 17 December 2025, the European Investment Bank and IPTO (Independent Power Transmission Operator / ADMIE) signed the loan agreement for the North East Aegean Interconnection project, confirming EUR 490 million of debt financing toward the EUR 1,628 million multi-island interconnection scheme. The signed EIB loan covers the electrical interconnection of the islands of Lemnos, Lesvos, Chios, Samos and Skyros to the mainland Greek transmission system through Nea Santa in Thrace and Aliveri on Evia, and to the Dodecanese grid via Mastichari on Kos. The connection will primarily use 150 kV alternating current cable interconnectors and 150 kV gas-insulated substations. The EIB financing package was structured as multiple tranches with signature dates between 17 December 2025 and 26 January 2026 totalling EUR 490 million. The EIB Board had previously approved the operation on 12 December 2025. This financing agreement represents the effective financial close for the North East Aegean Interconnection programme, securing long-tenor debt alongside IPTO's own resources and the Islands Decarbonisation Fund support previously awarded. The project is intended to end the electrical isolation of the North East Aegean islands, replace local oil-fired generation with cleaner mainland electricity supply, improve security of supply, and increase capacity for integrating renewable energy sources across the island region. The Lesvos-Chios 150 kV AC cable link is one segment of this wider programme.