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State-backed development-bank financing (EIB, an EU institution) to Greece's transmission-system operator IPTO (ADMIE) for a specific grid-infrastructure capital project: converter stations at Corinth and Kos, HVDC submarine cables from Corinth to Kos, and further submarine power/fibre links from Kos to Rhodes and Rhodes to Karpathos, ending the Dodecanese islands' reliance on local diesel/heavy-fuel-oil generation. It sits in the same EIB-financed Greek grid-expansion program as the earlier Cyclades and North-East Aegean interconnection loans already in this register (see company_refs). EIB's proposed total finance is EUR 1.9 billion against a EUR 2.548 billion total project cost; the EUR 600 million signed on 5 February 2026 is the first tranche of that commitment. Below-market-rate public financing of this kind functions as an implicit industrial subsidy to grid capex that a purely private financing structure would price higher or not fund at this scale.
Severity is set to 2 (mixed basis) reflecting: (a) a quantified figure — a EUR 600m signed tranche of a EUR 1.9bn total EIB commitment against a EUR 2.548bn total project cost, both disclosed on the EIB project page — but (b) qualitative judgment that this is routine EU multilateral-development- bank co-financing of domestic grid infrastructure, not a trade-restrictive or discriminatory measure, and not targeted at a foreign competitor or strategic-material chokepoint.
islands (Kos, Rhodes, Karpathos), reducing Greece's imported-fuel exposure for island power supply and enabling further renewable-capacity integration.
aligned) channelling EIB balance-sheet capacity into member-state transmission operators, consistent with the parallel Cyclades and North-East Aegean interconnection loans already filed in this register.
covered by the EUR 1.9bn EIB commitment (EU grants, IPTO own resources, other lenders) was not disclosed on the EIB project page at time of filing.
the EUR 600m first tranche was not stated.