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Add to Preferred SourcesThe European Investment Bank has agreed to support the construction of a new power plant in Greece by Mytilineos S.A. The new 826 MW CCGT Agios Nikolaos power plant will allow greater use of renewable energy resources in the country and enable the phasing out of lignite power generation in Greece by 2023, as well as supply long-term energy demand.
“The European Investment Bank is supporting the energy transition in Greece. As part of the EIB Energy Lending Policy agreed in 2019, we committed to supporting a pipeline of gas projects already under appraisal, before moving to renewables-only lending from 2021. That’s why EIB is pleased to provide EUR 125 million to Mytilineos S.A. to support Greece’s energy security. The EIB looks forward to working together with Mytilienos and other leading energy project partners to support future clean energy investment across Greece.” said Andrew McDowell, European Investment Bank Vice President responsible for lending operations in Greece.
The EIB will provide a EUR 125 million 8 year loan to finance construction and connection of the new EUR 322m plant at Agios Nikolaos Viotias in central Greece alongside an existing energy generation center and industrial site.
Once operational the new 826 MW natural gas CCGT plant will contribute to ensuring sufficient generation capacity to support the shut down of all -except one- lignite power plants in Greece by 2023. Lignite currently accounts for 4 GW of power generation in Greece, 22% of total capacity in the country.
The Agios Nikolaos plant will also provide flexibility to allow greater use of intermittent wind and solar power in the future and enable increased electricity network interconnection between mainland Greece and the islands.
The new plant will be the most efficient gas power plant in Greece and use state of the art CCGT technology. The new investment by Mytilineos S.A. will also help to diversify power generation in Greece and increase competition in the energy sector.
Original source: EIB
Published on 22 July 2020