As part of the new initiative, EIB will support Hellenic Distribution Network Operator (HEDNO) investment programme. HEDNO is the subsidiary of the Public Power Corporation (PPC), a Greece-based electricity generator and supplier.
For the investment programme, EIB has signed a second 20-year loan agreement with PPC with a €100m guarantee from the Hellenic Republic out of €255m total approved facility.
The Minister of Finance and EIB Governor Christos Staikouras said: “The contract signed with PPC reaffirms the strategic support of EIB to projects that promote the security of supply and energy efficiency.
“The reinforcement and modernisation of energy networks in Greece are crucial in order to achieve the growth targets of the country.
“EIB, Europe’s lending arm for the implementation of its new growth strategy, proves once again that it actively supports the Greek economy by providing financing and know-how.”
The loan will be used to strengthen and upgrade the electricity distribution network across the mainland and islands in Greece.
