The European Investment Bank (EIB)
signed today EUR 285 million of loans to support various energy projects
in Greece, improving the electricity transmission and interconnection
network across the country, while at the same time bolstering
environmental-friendly energy security and efficiency.
In the presence of
EIB
President Werner Hoyer, four finance agreements were signed today in Athens in a public ceremony by the
EIB Vice-President responsible for Greece,
Jonathan Taylor, Chairman and Chief Executive Officer of the
Public Power Corporation S.A.
Emmanuel Panagiotakis, Chief Executive Officer of the Greek
Independent Power Transmission Operator (IPTO or ADMIE)
Ioannis Blanas and Managing Director of the
Hellenic National Gas System Operator (DESFA)
Konstantinos Xifaras. The ceremony was attended also by
Minister of Finance
Euclid Tsakalotos,
Minister of Economy, Development & Tourism Giorgos Stathakis and
Minister of Environment & Energy Panos Skourletis.
On this occasion, EIB President Werner Hoyer stated: "The EIB has
supported the Greek economy throughout the crisis and the agreements
signed today underpin our strong commitment to the country. The energy
sector is a priority for the EIB. Efficient and extensive energy
generation systems and distribution grids underpin growth in every
sector. The projects will create jobs during construction and after, and
will have positive spillover effects in the regional and national
environment, economy and living conditions. Modernisation is essential
for environmental and climate-related action. We are determined to
enhance our cooperation with the Hellenic Republic, other European
development finance institutions and private investors in further
assisting recovery in Greece”.
The EIB loan agreements signed today comprise:
PPC power projects on Greek islands (tranche B)
The EIB supports the improvement of the electricity network in Greece
and the islands with today’s signature of a EUR 110 million loan to the
Greek electricity utility Public Power Corporation S.A. (PPC), which is
the second tranche of an EIB EUR 190 million loan to implement power
projects on Greek islands. The project concerns the installation of
fossil fuel fired engines for the electricity production on eighteen
Greek islands - not interconnected to the mainland grid - in the North
and East Aegean, Dodecanese, Cyclades, and the Diapontia island complex,
with associated upgrading of auxiliary infrastructure. The total
project generation capacity represents approximately 295MW, consisting
tentatively of individual unit sizes ranging from 1MW to 25MW.The
Project will secure the supply of electricity on these
non-interconnected islands off the Greek mainland. The Project will
result in the installation of modern efficient technology leading to
relative savings in fuel costs and lower relative emissions of CO2 and
other pollutants.
EUR 70 million to improve electricity network
(IPTO transmission I, tranche B)
The funding to the Greek Independent Power Transmission Operator
(IPTO or ADMIE) aims at improved electricity transmission and the
interconnection of the Cyclades islands to the mainland network. A EUR
70 million contract was signed today, which is the second tranche of an
EIB EUR 140 million loan to support the power transmission investment
programme of IPTO, covering the period 2012-17. This includes the
construction of Megalopoli Extra High Voltage Station, the
interconnection of Nea Makri (Attica mainland) to Polypotamos (island of
Evia) and a cluster of smaller transmission schemes. The loan is
expected to support the integration into the grid of new generation
resources, notably the new Megalopolis gas fired power plant in Southern
Peloponnese belonging to PPC and already financed by the EIB with a
loan (fully disbursed) of EUR 280 million, as well as renewable energy
plants, in order to extend the transmission capacity and to contribute
to improve the reliability of supply.
EUR 65 million for improved electricity interconnection of Cyclades (IPTO Cyclades interconnection, tranche B)
The EIB signed today a EUR 65 million loan, which is the second
tranche of an EIB EUR 130 million loan for the interconnection of the
Cyclades islands. The Project concerns the implementation of a subsea
cable grid operated at 150 kV that will connect the main Cycladic
islands Syros, Tinos, Mykonos and Paros with the mainland interconnected
system of Greece. The Project will enable to substitute the local
generation of the main Cyclades islands with energy produced by far
cheaper and less polluting Combined Cycle Gas Turbines operated in the
mainland system and, so doing, will ultimately contribute to place
downward pressure on customer bills and to reduce the emission of CO2
and other pollutants.
Revithoussa LNG Terminal extension (tranche B)
The EIB is providing further support for the natural gas system in
Greece with a EUR 40 million loan to the Hellenic National Gas System
Operator (DESFA) S.A., which is the second tranche of an EIB EUR 80
million loan for the extension of a Liquid Natural Gas (LNG) terminal on
the island of Revithoussa in the outer suburbs of Athens. The
investment involves the construction of a third storage tank, the
upgrade of the marine facilities, the installation of additional
cryogenic send-out equipment and the upgrade of the metering system. The
upgrade of the Revithoussa terminal will increase gas security of
supply, enhance the load and mass balancing of the Greek gas
transmission system and increase competition among shippers by giving
most of the worldwide LNG fleet the possibility to unload at the
Revithoussa terminal. The project is a priority TEN-energy project of
common interest and contributes to the European natural gas system
flexibility, security of supply and diversification.