EUR 255m EIB support to the upgrade of Greek national electricity network

One of the largest financiers of global energy infrastructure, the European Investment Bank, agreed a new EUR 255 million long-term loan with the Greek Public Power Corporation (PPC), the largest power producer and electricity supplier in Greece, to upgrade electricity distribution across the country. The new 20 year loan, guaranteed by the Hellenic Republic, represents one of the largest ever EIB loans for electricity investment in Greece.

“Across Europe and here in Greece, significant new investment in electricity network infrastructure is essential to cater for future demand reflecting economic growth, ensure reliable electricity supply and reflect changing sources of power generation. The European Investment Bank is pleased to provide EUR 255 million to new investment in the Greek national electricity distribution system that will benefit millions of customers across the country. This builds on the EIB’s strong firm partnership with PPC and track record of financing energy projects across Greece, including renewable energy, energy efficiency, interconnectors to islands and electricity distribution.” said Peter Jacobs, Head of the European Investment Bank’s Investment Team for Greece.

Energy users across Greece to benefit

Expansion of the national electricity distribution network will cater for expected increased future demand and enable energy consumers across Greece to benefit from more reliable electricity supply. A total of 7,327 km of new medium and low voltage electricity distribution lines will be installed that will improve distribution efficiency and increase network resilience and stability.

Improving connections to renewable energy

Upgrading the national electricity network is crucial to better connect existing and planned wind farms and solar power plants to towns and cities.

Builds on EIB’s strong energy track engagement in Greece

Last year the EIB agreed to support the construction of two new wind farms in northern Greece, the Trans-Adriatic Pipeline and investments for smart metering and improve high-voltage electricity infrastructure.

Over the last 55 years the European Investment Bank provided EUR 6.4 billion for energy investment across Greece, including more than EUR 2 billion for new power generation and electricity distribution investment by PPC.

This has included backing new investment in wind energy, power distribution and transmission, energy efficiency and security of energy supply projects and technical assistance to share experience from similar schemes elsewhere in Europe.

Original source: EIB
Published on 18 January 2019