TERNA Loan Approved for Building Cable to Sardinia
TERNA S.p.A., Italy, has signed agreement with the European Investment
Bank (EIB) for a 300 million euro loan intended for building the new 500 kV direct current high voltage submarine cable between the Italian peninsula and Sardinia: SA.PE.I..
The new connection has record breaking numbers: 1,600 m in depth, the deepest ever reached in the world for placement of a submarine cable, with a total capacity of 1,000 MW and a submarine segment 420 km in length for a total investment of 700 million euro.
The loan will have a 20 year maturity and will be repaid in six-month installments starting as of the fifth year. The financial conditions are very competitive and will have an annual loan cost equal to the Euribor 6 month rate, increased by a margin of 5 base points.
“The SA.PE.I. leads the strategic work plan drawn up by Terna,” commented TERNA’s CEO Flavio Cattaneo, “and will be the most important grid infrastructure ever to be built in Italy thanks to record-breaking numbers, both in investments and technology, as well as in safety benefits for the entire Italian electricity system.”
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