The European Investment Bank (EIB) has approved a €285m loan to support various energy projects in Greece.
The EIB will lend €110m to the Greek electricity utility Public Power Corporation (PPC), corresponding to the second tranche of a €190m loan to implement power projects on Greek islands. The project concerns the installation of thermal power engines (total power generation capacity of 295 MW, with units ranging from 1 MW to 25 MW) 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 EIB will also lend €70m (second tranche of a €140m loan) to the Greek independent power transmission operator ADMIE to connect the Cyclades islands to the mainland network. This loan will cover 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 EIB approved a €65m loan (second tranche of a €130m loan) to ADMIE for the interconnection of the Cyclades islands, through the construction of a 150 kV submarine cable connecting the main Cycladic islands Syros, Tinos, Mykonos and Paros with the mainland interconnected system of Greece.
Finally, the EIB approved the second €40m tranche of a €80m loan to the Greek gas transmission network operator DESFA for the extension of the Revythoussa LNG terminal near 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 project is a priority TEN-energy project of common interest and contributes to the European natural gas system flexibility, security of supply and diversification.