Italian power grid operator Terna SpA (BIT:TRN) has secured a EUR-130-million (USD 152m) loan from the European Investment Bank (EIB) for a new 320-kV electricity interconnector between Italy and France.
Terna and the EIB have signed an agreement for the financing, the lender said on Friday. The loan has a fixed interest rate of 1.64% and matures in 22 years.
The so-called Piedmont-Savoy project envisages the construction of a power interconnector between Piossasco, Italy, and Grande-Ile, France, with an overall capacity of 1,200 MW. The length of the network will be 190 km (118 miles).
Works on the interconnector, which will be the fourth one between Italy and France, are expected to be completed by end-2019. The link will boost the power exchange capacity between the two countries by 40%, the EIB said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.