The European Investment Bank and Public Power Corporation (PPC) agreed on Friday on a long-term loan contract worth 255 million euros for the upgrade of the country’s electricity distribution network.
The new 20-year loan, guaranteed by the Greek state, constitutes one of the biggest loans the EIB has ever issued for energy investment in Greece.
The first loan contract of 155 million euros was signed in the presence of Energy Minister Giorgos Stathakis on Friday, with PPC stating that this will contribute toward the national investment program worth 510 million euros which network operator DEDDIE (a 100 percent subsidiary of PPC) will implement up to 2020. The second tranche of 100 million euros will be signed as the project progresses.
The EIB has granted 6.4 billion euros for energy investments in Greece over the last 55 years.