EIB support for improved electricity network in Greece

The European Investment Bank (EIB) supports the improvement of the electricity network in Greece with a EUR 235 million loan to the Greek Public Power Corporation S.A. (PPC). The multi-investment programme covering the period 2013-15 aims at renovating and reinforcing the electricity distribution network, as well as extending it to enable some 186 000 new connections throughout peninsular and insular Greece.

The investment programme will benefit consumers and suppliers by improving the electricity distribution infrastructure and increasing the effectiveness of electricity supply in meeting demand.

The energy sector is a priority objective of the EIB activity in Greece, and has been financed with a total of EUR 4.6 billion since the accession of the country in the EU, with PPC being the main beneficiary of the EIB loans in the sector.

The promoter of the project is the Hellenic Electricity Distribution Network Operator S.A., a 100% subsidiary of PPC created in 2012.

Background information

The EIB, whose shareholders are the Member States of the European Union (EU), is the EU’s long-term financing institution. Its remit is to further the objectives of the EU by making long-term finance available for viable projects. The Bank focuses on providing funding for the efficient use of resources, strategic infrastructure, innovation, research and development, and small and medium-sized enterprises. www.eib.org

Press contact

Helen Kavvadia , kavvadia@eib.org , Tel.: +352 4379 84486, mobile: +352 691 286 017

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