EU bank invests in Greek electricity distribution network

The project aims to increase renewable energy supply across the country

By Chhaya Dabas

The European Investment Bank (EIB) has confirmed a second loan of €45 million (£40m) to upgrade the electricity distribution network in Greece.

It is part of an €85 million (£75m) investment for Hellenic Electricity Distribution Network Operator (HEDNO), a subsidiary of the Public Power Corporation (PPC).

The €170 million (£150m) project aims to improve renewable energy supply across Greece, increase electricity supply to 7.2 million customers and reduce electricity thefts.

It will also include large-scale investment in Athens, northern Greece and Crete.

Giorgios Stathakis, Minister of Energy & Environment said: “Long-term investment to modernise and reinforce electricity infrastructure across Greece is essential to ensure reliable electricity supply and cater for increased energy needs in the years ahead.”