CRETE, GREECE - Greece has secured a €178 million ($199.5 million) long-term loan from European Investment Bank to finance the construction of the first power interconnector between the mainland and the country's largest island Crete.

The new 82-mile submarine power line will ensure the security of energy supply, provide a third of Crete's electricity needs, and enable the development of renewable energy on the island, reports Balkan Green Energy News.

The Crete interconnector, comprising two alternating current (AC) 150 kV submarine cables, will be built between the Malea peninsula in the Peloponnese and Kissamos Bay in Crete.

The new cable, expected to be operational in 2020, will stimulate the development of the wind power sector and hybrid renewable energy in Crete and allow the strong and regular winds on the island to provide clean power for the rest of the country.

Source: Balkan Green Energy News