EIB to support €170m programme that will connect islands to electricity network

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Power -Technology — 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).

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.

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 interconnectors to islands 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.”

Read more: Greek power grid to bring forward islands link by two years

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.