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Bernitsas Advises EIB on Financing for Northern Cyclades Interconnection Extension

Bernitsas Advises EIB on Financing for Northern Cyclades Interconnection Extension

Greece
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Bernitsas Law has advised the European Investment Bank on its financing for the extension of the Northern Cyclades interconnection, a project conducted by Greece's Independent Power Transmission Operator.

According to the firm, the project aims to interconnect the last remaining non-interconnected islands in the Western and Southern Cyclades in a closed loop with the already interconnected system of the Northern Cyclades and with continental Greece’s transmission network. "The project encompasses the installation of five underground and submarine cables, spanning over 350 kilometers, alongside the construction of four GIS substations situated on the islands of Thira, Folegandros, Milos, and Serifos."

The overall financing of the project, documented under two separate Luxembourg law-governed facility agreements, totals EUR 470 million, the firm reported. The project was financed both by EIB’s own funds and through the Recovery and Resilience Facility and was secured by IPTO assets in Greece.

The Bernitsas team included Partner Athanasia Tsene and Associate Sildia Fotopoulou.

Bernitsas did not respond to our inquiry on the matter.

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