The European Commission has cleared the modernisation programme implemented by Greece for power plants on non-interconnected Greek islands, estimating that the support scheme was in line with EU state aid rules.
In December 2015 Greece notified plans to grant the Greek electricity company PPC a State guarantee, which would enable the company to secure a €190m loan from the European Investment Bank (EIB). This loan will cover half of the costs for the necessary upgrade, expansion and refurbishment of existing power plants on 18 islands not connected to the electricity grid of the mainland. PPC will finance the other half of the costs from its own budget.
The European Commission investigated the case, as the loan terms were particularly favourable (state aid), but concluded that the measure was necessary to allow PPC to continue to supply consumers on the islands concerned with affordable electricity.
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