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Add to Preferred SourcesThe Trans Adriatic Pipeline (TAP) is announcing financial close, with €3.9 billion secured from public and private lenders.
The EBRD is part of this consortium with a €1 billion loan syndicated to a group of 16 commercial banks with €500 million being provided on the Bank’s own account.
TAP is a priority project of the European Union (EU) and the Energy Community, an international organisation which brings together the EU and its neighbors to create an integrated pan-European energy market.
The 878-kilometre pipeline will start at the Greek/Turkish border, cross Albania and, after passing under the Adriatic Sea, terminate in southern Italy. It constitutes the final segment of the Southern Gas Corridor, a supply route to transport gas from the Caspian Sea to Europe.
With an initial annual capacity of 10 billion cubic meters – equivalent to the energy consumption of approximately seven million households in Europe – the pipeline will make a significant contribution to the diversification of Europe’s energy supply. The first delivery of gas is expected in 2020.
It will also make energy supply for consumers more reliable and achieve significant CO2 reductions by offering an alternative to more polluting energy sources, supporting the transition to low-carbon economies in line with the EBRD’s new energy sector strategy.
Nandita Parshad, EBRD Managing Director Sustainable Infrastructure, said: “The Trans Adriatic Pipeline will set the foundation for an integrated gas market across south eastern Europe and enhance the region’s strategic status as an energy hub. We believe that gas remains an important transition fuel in this region that can help displace coal and facilitate penetration of renewables.”
Financing is provided by a group of 17 commercial banks, alongside the EBRD, the European Investment Bank and the export agencies France, Germany and Italy.
Original source: EBRD
Published on 11 January 2019