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    Reference: 20130194
    Release date: 10 April 2014

    Promoter – Financial Intermediary




    The project concerns the installation of fossil fuel fired (diesel & heavy fuel oil) reciprocating engine generation units on Greek islands (around 17 in total) not connected to the mainland grid, with associated upgrading of auxiliary infrastructure. The Promoter is the incumbent electricity utility, Public Power Corporation (PPC). The total project generation capacity represents approximately 290MW, consisting tentatively of individual unit sizes ranging from 180kW to 25MW.


    The Project will promote the security of supply in an EIB priority cohesion region. It will enable the Promoter to satisfy the growing demand for electricity and improve the security and reliability of electricity supply. The Project is therefore eligible under article 309 a) projects for developing less-developed regions, and c) Common Interest of the Treaty on the Functioning of the European Union. The financing of this Project would contribute to the Bank’s lending priority policy on convergence regions and on security and diversification of energy supply.


    Proposed EIB finance (Approximate amount)

    EUR 175 million

    Total cost (Approximate amount)

    EUR 355 million

    Environmental aspects

    The Project components fall under Annex II of the EIA Directive (2011/92/EU). All but one of the components will be located within the boundaries of existing power stations. The Promoter has indicated that EIAs will be required for some project components, the extent and number, as well as any environmental impacts will be verified during appraisal.


    The Bank will require the Promoter to ensure that contracts for the implementation of the Project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation 2004/17/EC and Dir. 2007/66/EC [amending Directives 1989/665/EEC and 1992/13/EEC], with publication of tender notices in the EU Official Journal, as and where required.


    Signed - 11/12/2014


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

    Related tags

    Greece Energy