February 14 (Renewables Now) - The European Investment Bank (EIB) and Greek utility PPC SA (ATH:PPC) on Friday signed an agreement for a EUR-100-million (USD 108m) loan supporting investments in Greece's electricity distribution network.
This is the second part of a EUR-255-million financing package agreed in 2019 for the expansion of the country's electricity distribution network across the mainland and islands to help meet higher demand expected in the future and improve the security of electricity supply. Upgrades are also needed to support the expansion of renewable energy sources.
The first loan under the programme, amounting to EUR 155 million, was signed in January 2019. The signing of the new loan follows the achievement of certain progress milestones on the project. Both loans have terms of 20 years and are guaranteed by the Hellenic Republic.
PPC subsidiary the Hellenic Distribution Network Operator (HEDNO) is in charge of the investment programme.
(EUR 1.0 = USD 1.084)