The European Investment Bank (EIB) has committed €330 million ($393 million) of new financing to upgrade thousands of kilometres of power distribution lines and increase the use of smart meters in Greece.
Under the €330 million 20 year loan, EIB president Werner Hoyer and PPC chairman and CEO Georgios Stassis signed the second €100 million ($119 million) financing contract, that will finance grid modernisation programmes and reinforce the Greek electricity distribution network across the mainland and islands.
According to the EIB, the funds will improve overall grid efficiency through the construction of 6,600km of new power lines, as well as the upgrade of 7,600km of the existing distribution network. Advanced smart meters will be deployed to enable better power supply management and grid modernisation plans encourage expansion of wind and solar power generation to be connected to the national electricity network.
Georgios Stassis, Chairman and CEO of PPC, said: “Strategic long-term financing can modernise the electricity distribution network, benefit consumers, improve the security of supply, and protect the environment. The new €330 million EIB loan will enable HEDNO and PPC to contribute to Greece’s smart and green energy transition through the greater use of renewables and increase power efficiency make through the deployment of smart meters”.
Werner Hoyer, President of the European Investment Bank, said: “Scaling up energy investment is crucial to improve network reliability, harness Greece’s solar and wind energy potential and contribute to Europe’s energy transition. The European Investment Bank is strengthening support for high-impact energy investment in Greece. We are pleased to agree on our latest financing with PPC that will enhance the capacity of the Greek power distribution network operated by HEDNO, expand the use of smart meters essential for more efficient power generation and allow increased use of renewable energy in the years ahead. This builds on a longstanding partnership with PPC and the EIB’s strong track financing energy investment renewable energy, energy efficiency, interconnectors to islands and electricity distribution across Greece.”
Over the last decade the European investment bank has provided more than €4.3 billion ($5.1 billion) for energy investment in Greece with PPC and private Greek energy partners, including improving connections to Greek islands and harnessing renewable energy, and accelerating energy efficiency investment.