The importance of the European Union’s financial support in the implementation of the Crete-Attica electric interconnection and the benefits of the project for the local community and the whole country were presented in detail at a special event held today in Heraklion, Crete, on “Ariadne, Ariadne, Energy”.

ADMIE’s administration informed the present state bodies, local government bodies and civil society bodies on the advantages of the flagship project at local and national level on three axes: environment, economy, energy security.

As the executives of the manager underlined, the interconnection with Attica comes to complement the first through the Peloponnese operating in 2021, offering Crete energy autonomy and reliable electricity.

The Crete-Attica Electric Interconnection is an innovative 1 GW power project that incorporates a state-of-the-art technology of Voltage Source Converters (VSC) into the conversion stations and with 500 kV submarine cables in depths of up to 1,200 meters, which rank it in the deeper intercourse of the world. A budget of € 1.1 billion, co-financed by the YMEPERA Operational Program (NSRF 2014-2020) and the “environment and climate change” of the NSRF 2021-2027 up to EUR 535.5 million, thereby derives significant European and national resources and reducing, by great extent, costs for the Greek consumer.

With the full integration of Crete into the national electrical system, it is estimated that all consumers in the country will have an annual benefit of € 550 million annually. ADMIE President and CEO Manos Manousakis said: “Projects like the electrical interconnection of Crete-Attica are made possible because we have, as a country, the support of the European Union. Equally important is the contribution of the European Investment Bank that enables states to implement projects, with favorable lending terms, which could not complete based solely on their own resources. I would also like to thank the Regional Authority of Crete as well as the Municipality of Malevizi, in which we built the Damasta conversion station, for the substantial cooperation we have developed over the years that has been decisive to complete a project of this size and complexity in time. With the interconnection of Ariadne, it permanently closes the issue of Crete’s energy security, with significant benefits for the island’s society and economic development. “

The Secretary General of Energy & Mineral Wealth, Mr. Aristotle Aivaliotis, said: “For Crete, the electrical interconnection with Attica brings tangible, daily and immediately perceived benefits to the islanders and businesses. The cost of electricity will be reduced as the use of fossil fuels is avoided and citizens across the country will benefit from the reduction of SGIs. Investment opportunities will multiply as prospects for new RES units are created in Crete, storage projects and innovative energy applications that will be focused on the island. The interconnection of Crete, through Ariadne, is the foundation of the new model of energy architecture we build, combining energy security, climate neutrality, competitiveness and balanced regional development. Crete also becomes a “step” of a wider plan for new interconnections in the Eastern Mediterranean. “

“The Crete-Attica electric interconnection is the largest energy investment in Greece. I would like to congratulate Ariadne Interconnection and ADMIE on consistency in keeping the timetables and the excellent design of this complex project. Ariadne’s interconnection began with co-financing by the NSRF 2014-2020, through OP. YMEPERA and completes with NSRF resources 2021-2027, through the Environment & Climate Change program. The total budget of the project amounts to € 1.1 billion, of which 49.65% is funding to the NSRF. It is, therefore, an iconic project of the NSRF, with an eligible expense of more than 222 million euros during its second phase and more than € 300 million in the first. It is a great satisfaction when we see funding are directed to good beneficiaries who apply good practices for places that take place and improve the quality of life of citizens. “

Crete Regional Governor, Mr. Stavros Arnaoutakis, said: “The importance of electric interconnection is multidimensional and decisive. Our island has now been established as an energy hub as it is at the heart of European energy plans. The project creates the prospects for the broader and balanced integration of renewable energy sources into our energy mix. At the same time, the strengthening of the local economy, infrastructure upgrade and attract new investment. Through the tens of kilometers of cables in Ariadne, the energy is now traveling to Crete. “

Mr. Arnaoutakis did not fail to thank all the Ministers of Environment and Energy for contributing to the maturation and promotion of the Crete-Attica electric interconnection. Yiannis Maniatis, Giorgos Stathakis and Kostis Hatzidakis as well as the Deputy Minister of National Economy and Finance Mr. Nikos Papathanassis for the support of the project. The Vice President of the European Investment Bank, Mr. Ioannis Tsakiris, said: “Today’s day has a special symbolism for all of us. Ariadne’s work is not just another infrastructure that will contribute to the energy autonomy of our country. It is an infrastructure of national, strategic importance, a bold step towards the integration of island Greece into European energy. A project linking Crete, not only Attica, but with the common European vision of pure energy, supply safety and sustainable development. “