Greek power grid operator secures loan for undersea cable

ATHENS, March 10 (Reuters) - Greece’s power grid operator IPTO said on Wednesday it had secured a loan from the European Investment Bank (EIB) to build a 1 billion euro ($1.2 billion) power link that will connect the island of Crete to the mainland grid.

The 328 kilometre underwater cable with a 1,000 megawatt capacity will be linked to another cable that Cyprus, Greece and Israel plan to build to interconnect their power grids - the so-call Euro-Asia Interconnector that will cross the Mediterranean seabed.

The EIB has agreed to extend a 200 million euro loan to IPTO with an option of an additional financing of 100 million euros under a 20-year facility, IPTO said in a statement.

IPTO already has a 200 million euro loan from Eurobank , and will also use its own and European funds for the project, which is expected to be built by 2023, it said.

$1 = 0.8413 euros Reporting by Angeliki Koutantou. Editing by Mark Potter