The EIB and Terna have signed the contract relating to the last tranche of the 1.9 billion euro loan for the Tyrrhenian Link, the submarine electrical connection that will connect the Italian peninsula to Sicily and the latter to Sardinia.
The signing took place within the EIB Forum in Luxembourg, which brings together Heads of State, European Commissioners, business leaders, academics and representatives of civil society.
On the sidelines of the meeting - explains a note - a meeting also took place between Gelsomina Vigliotti, EIB vice-president, and Giuseppina Di Foggia, CEO and general director of Terna, to discuss future collaborations aimed at supporting the energy transition and the objectives of REPowerEU.
This last tranche of 500 million euros, which is added to the previous financing contracts signed on 8 November 2022 (first tranche, for 500 million euros) and 30 March 2023 (second and third tranches, for a total of 900 million euros), is also intended to support the construction and commissioning of the "East Branch" and the "West Branch" of the Tyrrhenian Link.
By connecting Sicily with Sardinia and the Italian peninsula through a double submarine cable 970 kilometers long and 1,000 MW of power, Tyrrhenian Link will contribute to promoting the development of renewable sources, the reliability of the grid and promoting energy security in Italy.
For this infrastructure, fundamental for the security of the Italian electricity system, Terna plans a total investment of around 3.7 billion euros, of which around 50% will be financed by the EIB, demonstrating the strategic nature of the project.
The Tyrrhenian Link will be fully operational in 2028 and 250 companies will be involved in its construction, with important implications for the territories involved.
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