The funding will be used to enhance the electricity transmission and interconnection network across the country while strengthening environmental-friendly energy security and efficiency.
EIB president Werner Hoyer said: "The EIB has supported the Greek economy throughout the crisis and the agreements signed today underpin our strong commitment to the country. The energy sector is a priority for the EIB.
"The projects will create jobs during construction and after, and will have positive spillover effects in the regional and national environment, economy and living conditions.
"We are determined to enhance our cooperation with the Hellenic Republic, other €opean development finance institutions and private investors in further assisting recovery in Greece."
The EIB has granted €110m loan, which represents the second tranche of an EIB €190m loan to implement power projects on Greek islands, to the Greek electricity utility Public Power (PPC).
The project involves installation of fossil fuel fired engines on 18 Greek islands, which are not interconnected to the mainland grid in the North and East Aegean, Dodecanese, Cyclades, and the Diapontia island complex, with associated upgrading of auxiliary infrastructure
A €70m deal was also signed by EIB with the Greek Independent Power Transmission Operator (IPTO) in order to enhance electricity transmission and the interconnection of the Cyclades islands to the mainland network.
The contract marks the second tranche of an EIB €140m loan, which is intended to support the IPTO’s power transmission investment program between 2012 and 2017.
Additionally, EIB granted a €65m financing aid, which is the second tranche of an EIB €130m for the interconnection of the Cyclades islands.
EIB also offered €40m loan to the Hellenic National Gas System Operator (DESFA), extending its support for the natural gas system in Greece.
The deal represents the second tranche of an EIB €80m loan for the extension of a liquid natural gas (LNG) terminal on the island of Revithoussa in the outer suburbs of Athens.
Image: Greece plans to use the new funding to strengthen electricity transmission and interconnection network. Photo: courtesy of a454/ FreeDigitalPhotos.net.
