The European Investment Bank (EIB) has agreed to support a €170m electricity network investment programme by Greece-based power provider PPC’s subsidiary, the Hellenic Electricity Distribution Network Operator (HEDNO).

As part of this initiative, a second loan agreement amounting to €45m within the total loan facility of €85m has been signed by EIB.

Under the new agreement, EIB will finance 50% of the new energy initiative, which will help in strengthening and upgrading electricity distribution across the Greek mainland as well as islands.

“Investment in energy infrastructure is crucial to ensure reliable electricity supply and reflect changing sources of power generation.”

EIB Greece lending operations vice-president Jonathan Taylor said: “Investment in energy infrastructure is crucial to ensure reliable electricity supply and reflect changing sources of power generation.

“The European Investment Bank is pleased to provide €85m to support transformational investment by HEDNO that will modernise the national electricity network, enable increased power consumption reflecting economic growth and improve reliable energy supply to millions of customers across Greece.

“This builds on the EIB’s strong track record of financing energy investment across Greece, including renewable energy, energy efficiency, interconnectors to islands and electricity distribution.”

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The 20-year loan to PPC will be used by HEDNO to upgrade and reinforce electricity distribution across Greece, including large-scale investment in Athens, northern Greece and Crete.

PPC chairman and CEO Manolis Panagiotiakis said: “The role of the Distribution Network, an imperative parameter for the operation of electricity, becomes extremely important for green energy and consumer’s participation, within the European policy framework and in correlation with all relative technological developments.”

Additionally, the investment programme will improve high-voltage substations and network to ensure reliable electricity supply to PPC’s customers across the country as well as improve remote monitoring of the electricity distribution network.