Ariadne Interconnection SPLC, a special purpose company owned by the Independent Power Transmission Operator (IPTO or ADMIE) S.A., has signed a EUR400 million (US$453.6 million) loan agreement with the Eurobank for the development of the Crete – Attica Electrical Interconnection Project.
The Crete-Attica HVDC Interconnection Project includes a bipolar HVDC cable, between Crete and Attica, with a rated power of 1000 MW (2 × 500 MW). The HVDC cables, approximately 328 kilometers long, runs from Megara beach to the Korakia beach.
The common bond loan has a repayment period of ten (10) years with a possibility of partial withdrawals according to the implementation course of the interconnection. In addition to bank lending, the project will be implemented using the equity of EUR200 million (US$226 million) while the co-finance of Greece and the European Union under the operational program "Competitiveness, Entrepreneurship, Innovation 2014-2020" or/and its following program, will be used for the remaining EUR400 million (US$452.08 million).
