ROMA (ITALPRESS) – The European Investment Bank (BEI) supports Malta’s energy transition by enhancing the island’s electricity infrastructure, increasing the security of supply and facilitating the integration of renewable sources. In this context, EIB Vice-President Marek Mora and Maltese Finance Minister Clyde Caruana today announced the signing of a €100 million loan agreement to support the creation of a second electric interconnector between Malta and Italy (IC2). The project involves the construction of a 122 km long underwater pipeline, with a nominal voltage of 220 kV alternating current, a frequency of 50 Hz and a transmission capacity of 225 MW. The cable will connect the terminal station of Enemalta, located in Maghtab, Malta, with the Italian substation Terna sita in contrada Cimillà in Ragusa. The project also benefited from the EIB’s technical advice during the project preparation phase, including the assessment of its financial and economic sustainability, helping to ensure its maturity, admissibility to finance and compliance with the relevant requirements of the European Union. Clyde Caruana, Minister of Maltese Finance, commented: “The second interconnector represents a significant investment in the long-term economic stability of Malta. By strengthening our energy infrastructure, we reduce vulnerability to external shocks, improve security of supply and support more stable energy prices for families and businesses.”.
The electricity pipeline, which is scheduled for the first quarter of 2027, will increase the capacity for electricity interconnection between Malta and Italy, allowing electricity to be imported from the EU market and strengthening the security of supply and stability of the network, also to cope with the increase of demand and promote the integration of renewables, in line with the objectives of decarbonization of the country. Marek Mora, EIB Vice-President, added: “Electric interconnectors are essential for a safe, integrated and decarbonized European energy system. Supporting Malta’s second interconnector with Italy, the EIB strengthens energy security, facilitates cross-border electricity exchanges and the integration of renewable sources, while ensuring that the growing demand can be met reliably and sustainably. The project reflects the EIB’s key role in supporting strategic energy infrastructure across Europe.”.
The total cost of the project, estimated at EUR 296,68 million, will be financed by the EU through the European Regional Development Fund amounting to EUR 165.78 million, and the remaining amounts from the EIB loan and from the Republic of Malta’s own resources. The EU Bank also provides an advisory service through JASPERS, a joint European EIB-Commission initiative aimed at providing assistance in the field of design, procurement and implementation, in order to ensure technical solidity and the smoothness of the implementation of this strategic infrastructure. The Government of Malta will retain the ownership of the work. Interconnect Malta, a 100% state company, is responsible for the indiction of contracts, the implementation of the project and the exercise of the pipeline under a public service obligation. The capacity of the interconnector will be made entirely available to Enemalta, manager of the Maltese electricity distribution network, under a capacity agreement with charge of an annual rate for use.
– photo IPA Agency –
(ITALPRESS).
