wiredInUSA March 2019

Mr Arthuros Zervos, chairman and CEO of PPC; Mr Mihai Tanasescu, vice president of the EIB; and Mr George Kollias, chairman and CEO of HEDNO

Network upgrade across Greece

The European Investment Bank (EIB) has announced a €255 million facility to support the upgrade of the national electricity network in Greece. The EIB has agreed the loan with Greece’s Public Power Corporation (PPC) to support its planned upgrade of the electricity distribution system. “Across Europe, and here in Greece, significant new investment in electricity network infrastructure is essential to cater for future demand, reflecting economic growth, [to] ensure reliableelectricity supply and reflect changing sources of power generation,” said Peter Jacobs, head of the EIB’s investment team for Greece.

2017-2020, which is being implemented by PPC subsidiary Hellenic Network Operator (HEDNO). A total of 7,327kmof newmedium and low voltage electricity distribution lines will be installed to improve distribution efficiency and increase network resilience and stability. The work will also support the planned expansion of renewable energy in Greece, enabling the connection of new onshore wind farms and solar power projects. The first part of the loan, a €155 million package, was agreed in January, while the remaining €100 million will be released as the project progresses.

The investment will support PPC’s €510 million network investment program for

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wiredInUSA - March 2019