EIB is backing CCGT in Greece

28 July 2020

The European Investment Bank (EIB) has pledged €125 million of financial support for the construction of an 826 MW gas fired power plant in Greece. Developer Mytilineos is building the €322 million Agios Nikolaos combined cycle (CCGT) facility in Viotia, central Greece, which will be key to boosting energy security and supporting the country’s aim to close its coal fired power plants by 2023. 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 will also help to diversify power generation in Greece and increase competition in the energy sector. The EIB will provide a €125 million 8 year loan to finance construction and connection of the plant. The loan is guaranteed by the European Union under the Investment Plan for Europe.

“The importance and vision of the Agios Nikolaos power plant to contribute to a cleaner energy future for Greece has been recognised by EIB’s first ever loan to Mytilineos. The new long-term EIB loan, shows how the EU Bank supports transformational investment in this country,” said Evangelos Mytilineos, Chairman and CEO of Mytilineos SA.

“The European Investment Bank has unique technical and financial expertise in the energy sector and is a valuable partner to enable Greece to deliver on climate goals and move away from lignite use by 2028. We welcome the EIB’s recognition of the importance of supporting the energy transition in Greece and the new support for the Agios Nikolaos facility,” said Christos Staikouras, Minister of Finance of the Hellenic Republic and Governor of the EIB.

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