EU bank provides €215 for energy security in Greece

An EU bank is providing two loans worth €215 million (£181.6m) in total to help increase energy security and promote efficiency in Greece. The majority of it will go to […]

By Priyanka Shrestha

An EU bank is providing two loans worth €215 million (£181.6m) in total to help increase energy security and promote efficiency in Greece.

The majority of it will go to the Greek Public Power Corporation (PPC) to extend electricity transmissions and distribution networks throughout the country and the rest to the Hellenic National Gas System Operator for introducing natural gas in the currently un-served Peloponnesus in southern Greece.

Mihai Tanasescu, Vice-President of the European Investment Bank (EIB), which provided the loan said: “Signatures in support of climate action and energy are a decisive step forward for not only development but also sustainable growth. Our funding for environmental-friendly energy security and efficiency in Greece is fully in line with the European ‘Energy Security and Solidarity Action Plan’.”

Earlier this year the EIB also provided €500 million (£422.4m) to help France upgrade its electricity grid and another €500 million (£422.4m) for a German wind project.