Iraklio port is going ‘green’

The controlling stake of 67% in Iraklio Port Authority will be transferred in the next few weeks to Italy’s Grimaldi Group, which prevailed in the relevant tender. It will be preceded by the ratification of the concession contract by the Parliament and the financial settlement of the transaction.

The winner of the tender, which ended in 2023, was the consortium of companies Grimaldi Euromed SpA & Minoan Lines ANE, both subsidiaries of the Italian group, at a price of 80 million euros for over two thirds of the share capital.

One of the main plans of the group’s strongman, Emanuele Grimaldi, for the largest port on Crete is the development of an electricity production unit from renewable sources capable of supplying not only 100% of the port’s operations but also the ships that will be docked there.

The total investment is therefore estimated to approach €100 million in the medium term. The plans of the new major shareholder foresee, among other things, energy upgrades aimed at the gradual zeroing of carbon dioxide emissions through electrification from renewable energy sources and the development of an electrification system for docked ships, modernization of infrastructure and mechanical and other equipment, and optimization of loading times and unloading vehicles and of boarding and disembarking passengers.

The port is very large and it is estimated it can accommodate a photovoltaic installation of considerable power, sources from the administration of Minoan Lines state. At the same time, the port authority has already requested and received approval for funding, as a project of common interest within the framework of the European Mechanism “Connecting Europe Facility 2021-2027 (CEF II),” with the code name “HUPPINES” (Heraklion Port UPgrade of Infrastructure, Interconnection and Environmental Sustainability) for the completion of the required studies in order to upgrade the port infrastructure of Iraklio, and in particular the reinforcement of the armor and the extension of the windward jetty built in 1960 with a total length of 2,390 meters.

Grimaldi will also attempt to upgrade and equip the port’s infrastructure so that the loading and unloading of trucks and passengers can be done faster.