The European Investment Bank (EIB) has agreed to lend €255m to the Greek state-run power utility Public Power Corporation (PPC) under the framework of a 20-year loan, which will be guaranteed by the government. These funds will be dedicated to the improvement of the electricity distribution infrastructure across the country. The EIB financing will support a €510m national investment programme implemented by the Hellenic Electricity Network Operator (HEDNO), a 100% owned subsidiary of PPC, within the period July 2017-2020.
This is not the EIB's first investment programme in the Greek power network and the bank already has a strong track record of supporting of financing projects across Greece, including renewable energy, energy efficiency, interconnectors to remote islands and eventually electricity distribution.
In June 2018, it agreed to finance half of the €170m electricity network investment programme carried out by the Hellenic Electricity Distribution Network Operator (HEDNO), an affiliate of the Greek power provider Public Power Corporation (PPC). The loan helped Greece to modernise is power network in both the mainland and the Aegean islands.