The European Investment Bank (EIB) has announced one of its largest energy investments in Greece, a €255 million facility to support the upgrade of the national electricity network.
The EIB has agreed the long-term loan with Greece’s Public Power Corporation (PPC) to support its planned upgrade of the electricity distribution system.
“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 investment will support PPC’s €510 million network investment programme for 2017-2020, which is being implemented by PPC subsidiary Hellenic Network Operator (HEDNO). A total of 7327 km of new medium and low voltage electricity distribution lines will be installed that will improve distribution efficiency and increase network resilience and stability.
The work will also support the planned expansion of renewable energy in Greece, enabling the connection of new onshore wind farms and solar power projects.
The first part of the loan, a €155 million package, was agreed in January. The remaining €100 million will be signed as the project progresses.