Terna and Partners Sign Agreements Worth $1.75 Billion to Develop the Adriatic Link

The objective of the project is to strengthen energy exchange in central Italy and promote the integration of renewable energy sources.

July 14, 2025

2 min read

From left: Alessandra Ricci, SACE CEO and General Manager, Nadia Calviño, EIB Group President, Giuseppina Di Foggia, Terna CEO and General Manager, Gelsomina Vigliotti, EIB Vice-President, and Riccardo Dutto, Head of Industry Infrastructure in Intesa Sanpaolo’s IMI Corporate and Investment Banking Division (photo Terna).

Terna, The European Investment Bank (EIB), Intesa Sanpaolo (IMI Corporate and Investment Banking Division) and SACE have signed agreements totalling $1.75 billion to support the development and construction of the Adriatic Link, the submarine power cable connecting the Italian regions of Marche and Abruzzo.

The objective of the project is to strengthen energy exchange in central Italy and promote the integration of renewable energy sources. The operation is financially structured into three tranches, all of which are covered by SACE’s Archimede guarantee for an amount exceeding $1.17 billion:

A $875.81 million loan granted by the EIB to Terna, with a duration of 22 years;
A $583.85 million credit line provided by Intesa Sanpaolo to Terna, with a duration of 7 years;
An additional $291.92 million loan from Intesa Sanpaolo, with funding made available by the EIB and a duration of 7 years, in support of the project.

The project is strategically important for Italy’s power grid and is part of the country’s national energy and climate plan. The HVDC line will be 251 km long, 210 km of which will be submarine cable at a maximum depth of around 100 metres. It will have a nominal active transmission capacity of 1,000 MW and will link the Fano (Province of Pesaro and Urbino) and Cepagatti (Province of Pescara) electrical substations.

The cable will be underground or under the seabed for the entire route, minimizing the impact on the region. Work (authorized by the Ministry of the Environment and Energy Security in January 2024) on land started in late 2024. The project will also have a positive economic impact in cohesion regions, contributing to local development.

“The energy transition has given new impetus to investment to modernize and strengthen power grids across Europe, as shown in Terna’s updated business plan for 2024-2028 presented at the beginning of this year,” said Terna CEO and General Manager Giuseppina Di Foggia. “The financing signed with the EIB (with which Terna has a strong, longstanding relationship) and Intesa Sanpaolo (which has a key role in backing the group’s financial strategy) recognizes the strategic value of our network infrastructure, which is vital to promoting the integration of renewable energy sources and increasing Italy’s energy autonomy and security, while SACE’s role in the agreement shows Terna’s work creates economic and social value for the country.”