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An investment of €113 million under the Juncker Plan to reduce energy costs for Italian businesses by increasing the stability and security of the national power grid
CDP achieves a new milestone in promoting Italy's infrastructure development with a financing agreement for the construction of a new electrical interconnection line between Italy France. The line will be implemented by Terna, a CDP Group-owned company. A project declared to be of common interest by the European Union, the 190 km line will be the longest such cable in the world.
The funding will allow Terna to realize a project that will bring a duel benefit to the Italian electrical system: the a reduction of Italian energy costs, while increasing network stability and security through the diversification of supply sources. The construction of the new line will be carried out with particular attention to environmental protection by minimizing landscape impact, the infrastructure will be integrated with existing road and highway networks and cross the border through the Frejus security tunnel.
"The realization of this network infrastructure represents a strategic interconnection committment with foreigners that improves the security and stability of our electricity supply system," commented Fabio Gallia's CDP Chief Executive Officer. Terna promotes the competitiveness of Italian companies, reducing energy costs, as well as laying the foundations for the emergence of a single electrical market. With CDS Interconnector support, CDP continues to implement the Piattaforma Grandi Infrastrutture Platform (Large Infrastructure Platform) promoted with EIB "within the framework of the Juncker Plan, in line with our role as the National Institute of Promotion," Gallia added.
With an investment of approximately €415 million for the Italian part of one of the two cables, the financing contract signed under the Juncker Plan provides long-term lines for a total of €338 million, of which CDP is the first subscriber with a share amounting to about €113 million.
With this new initiative, CDP confirms its commitment to promoting progress and development-oriented works, promoting Italian growth along the lines of the CDP Business Plan 2016 - 2020