Bernitsas Law acted as Greek counsel to the European Investment Bank (EIB) in connection with financing of the extension of the interconnection of Northern Cyclades by the Independent Power Transmission Operator (IPTO).
The Project aims at interconnecting 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 350km, 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 facilities agreements, totals €470m. The Project was financed both by EIB’s own funds and through the Recovery and Resilience Facility, and was secured by security interests created over assets of IPTO located in Greece.
This project represents a multifaceted milestone under the Greece 2.0 umbrella and aims to finalize the energy integration of the islands of the Cyclades archipelago. Anticipated to create major benefits both for the islands and the national economy, it stands as a pivotal advancement.
Partner Athanasia Tsene advised on this transaction assisted by Associate Sildia Fotopoulou.
