4C is now TGS

We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.

Learn what this means for you!

1 GW Crete-Attica interconnection enters implementation phase

By: Rameeza Haq Duggal 16/06/2020 4C Offshore

Cables General Interconnectors

After several delays and relapses, Greece’s Crete-Attica Interconnection is about to enter its implementation phase. The contracts will be signed on 10 June 2020 in Heraklion, Crete. The project will be operational in 2023.

The project will be implemented in two phases. The first phase will involve the interconnection through the Peloponnese, with a total budget of €350 million, which will cover 30% to 40% of the island's demand. Tourism, rapidly growing, has increased the island’s energy demand to 700 MW.

IPTO's Chairman and CEO, Manos Manousakis, stated that financing of the €1 billion project is fully guaranteed: 'We started in 2018 by placing in "Ariadne Interconnection", our 100% subsidiary that implements the project, 200 million euros as share capital. We have applied to the Commission's structural funds and expect 300-400 million euros, while for the remaining 400-500 million euros we have closed a loan agreement with Eurobank on very competitive terms and an interest rate of 2% on average over a decade.'

Some of the world’s largest companies are involved in this project, including Siemens, Prysmian, Nexans, and the Greek companies TERNA and Hellenic Cables. Once the project is complete, it is expected to save up to €400 million from consumer electricity bills across the country, also reducing the island's environmental footprint by 60%.

IPTO's 10-year planning envisages interconnecting almost all Greek islands with the National Electricity Transmission System by 2029. So far, Cyclades phase A has been completed, connecting Syros with Tinos, Mykonos and Paros, and the Andros-Tinos connection (part of Cyclades phase B project) is in place. In September, the connection between Naxos, Paros and Mykonos will be energised, followed by the completion of the second Syros-Lavrio connection, further improving the reliability of the power supply in the Cyclades. According to IPTO's plan, all South Cyclades islands (Folegandros, Milos, Santorini and Serifos) will be connected by 2024. The Dodecanese are expected to be connected by 2027, with the North Aegean islands to be connected with the mainland grid by 2029, Mr Manousakis explained.

Premium

4C Offshore Premium, our most popular subscription, gives you full access to use the 4C Offshore WebApp which includes exclusive offshore wind, transmission and vessel reports, news and downloads.

Request a 30 minute Demo

1 GW Crete-Attica interconnection enters implementation phase

Back to News

Trending News!