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Signature(s)

Amount
€ 75,500,000
Countries
Sector(s)
Greece : € 75,500,000
Energy : € 75,500,000
Signature date(s)
24/11/2010 : € 75,500,000
Link to source
Data sheet

Summary sheet

Release date
18 June 2007
Status
Reference
Signed | 24/11/2010
20070202
Project name
Promoter - financial intermediary
Thiva Power Plant

Heron Thermoelektriki SA

GEK Holdings Real Estate Construction Company SA

Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to 50% of project cost.
Estimated at approximately EUR 235 million.
Location
Sector(s)
Description
Objectives

Construction and operation of a 400 MW natural gas fire combined cycle power plant in South Greece.

The project will contribute to enhance security of electricity supply and thus to Greek economic development. It will also contribute to develop competition in the Greek electricity market. Both enhancing security of supply and developing competition in the electricity market are important objectives of the EU energy policy, as outlined in 8/9 March 2007 European Council.

Environmental aspects
Procurement

Given its capacity the project falls under Annex 1 of the EIA Directive. A full Environmental Impact Assessment was carried out and approval was granted. The promoter confirmed that the plant will be located inside an existing industrial site at Thiva, where already a power station is in operation. The location is outside of any area of nature conservation, but in the vicinity of the Yliki Lake protection area, for which the competent authorities have been involved in the EIA process. No objection was raised by third parties to the environmental approval process. The Bank will review the process principles and the main impacts from the project in order to ensure the project’s compliance with its environmental guidelines.

The project does not seem to fall under the procurement directive 2004/17/EC, the promoter being a private entity and not benefiting from special or exclusive rights in the electricity generation market for this project. The project sponsors will provide in-house expertise for the full implementation of the project under an EPC contract.

Link to source
Summary sheet

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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