The European Investment Bank is providing loans totalling €85m to Greek energy company PPC for upgrading the national grid in Greece and improving the supply of renewable energy.
EIB is financing 50% of the €170m project, which is being developed by PPC subsidiary Hellenic Electricity Distribution Network Operator.
The programme will modernise HV substations and networks, as well as improve remote monitoring.
Greek Minister of Energy and Environment Giorgios Stathakis said: “Long-term investment to modernise and reinforce electricity infrastructure across Greece is essential to ensure reliable electricity supply and cater for increased energy needs in the years ahead.
“I welcome this new EIB backing that will improve electricity distribution in the years ahead and reflects the firm engagement of the EIB in Greece.”
Image: SXC
Greek grid gains EU gifts
By EBS