The European Regional Development Fund (ERDF) has pledged substantial financial support, exceeding EUR 250 million, towards the ambitious 1-GW subsea power interconnector project linking Crete and Attica in mainland Greece. Announced by the European Commission (EC) on Thursday, this funding infusion marks a significant milestone in advancing the project's initial phase.
Ariadne Interconnection, a subsidiary of the IPTO Group, spearheads this transformative endeavor, which boasts a proposed investment totaling EUR 1 billion.
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Central to the initiative is the installation of two high-voltage submarine cables spanning 335 kilometers (approximately 208.2 miles) across the Aegean seabed. These cables, designed to withstand depths of up to 1,200 meters, are slated for completion by the conclusion of 2024. Once operational, the interconnector promises to fortify energy security in Crete, unlock the island's renewable energy potential, and contribute to a reduction in electricity costs.
Commenting on the significance of the project, Commissioner for Cohesion and Reforms, Elisa Ferreira, emphasized its broader implications, stating, “The connection also marks an important step in improving energy security and supply across the EU and will help Greece to make better use of its renewable energy potential.”
