January 21 (Renewables Now) - Greek utility PPC SA (ATH:PPC) will get EUR 255 million (USD 290m) in loans from the European Investment Bank (EIB) for a planned upgrade of the electricity distribution network in Greece.
The first portion of the loan, amounting to EUR 155 million, was signed last week. The remaining EUR 100 million will be extended as the project progresses, the EIB said Friday.
PPC subsidiary the Hellenic Electricity Network Operator (HEDNO) is in charge of the EUR-510-million national investment programme. Activities started in 2017 and will be completed in 2020. The expansion of the national electricity distribution network comes to prepare it for an increase in demand and to ensure reliable supply across Greece. The upgrade is also important for the expansion of the country’s renewable energy capacity, as the network will better connect existing and planned wind and solar parks to Greek towns and cities, the EIB noted.
A total of 7,327 km of new medium and low voltage electricity distribution lines will be built.
The EIB loan has a term of 20 years and is guaranteed by the Hellenic Republic.
(EUR 1 = USD 1.14)