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Thu July 18 2019

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Greece secures funds for 7,000km electricity upgrade

21 Jan The European Investment Bank has agreed to lend €255m (£230m) in support of a project to upgrade Greece’s national electricity network.

 More than 7,000km of new electricity distribution infrastructure is to be installed to strengthen connections to renewable energy, improve the reliability of supply and cater for increased demand.

The loan to Greek Public Power Corporation (PPC) - the largest power producer and electricity supplier in the country – involves upgrades nationwide. 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,” said Peter Jacobs, head of the EIB’s investment team for Greece. “The European Investment Bank is pleased to provide €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.”

The first European Investment Bank financing for investment in Greece in 2019 will support a €510m national investment programme implemented by the Hellenic Electricity Network Operator, a wholly owned subsidiary of PPC.

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