Release date: 18 June 2007
Promoter – Financial Intermediary
Heron Thermoelektriki SA
GEK Holdings Real Estate Construction Company SA
Location
Description
Construction and operation of a 400 MW natural gas fire combined cycle power plant in South Greece.
Objectives
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.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to 50% of project cost.
Total cost (Approximate amount)
Estimated at approximately EUR 235 million.
Environmental aspects
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.
Procurement
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.
Status
Signed - 24/11/2010
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).