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    Reference: 20150467
    Release date: 22 September 2016

    Promoter – Financial Intermediary




    Multi-component investment programme comprising several sub-projects geographically dispersed throughout mainland Greece and the islands. The sub-projects are organised into four main categories of investments: a) network control and automation, b) medium voltage (MV) submarine cables, c) high voltage (HV)/MV substations and associated connections and d) a pilot project for testing remote metering of small low voltage (LV) customers.


    The main purpose of the project is to improve the reliability of electricity supply to consumers and to test the use of remote-readable meters for small LV customers.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 85 million

    Total cost (Approximate amount)

    EUR 170 million

    Environmental aspects

    The characteristics of the sub-projects under the scope of the investment programme are such that they are listed neither under Annex I nor Annex II of the Environmental Impact Assessment (EIA) Directive. However the project includes the implementation of new HV/MV substations that, according to the requirements of Greek legislation, have been subjected to EIA. Based on preliminary information from the promoter, most of the associated environmental permits have been granted. Overall the environmental impact of the programme is expected to be modest and, in most cases, limited to temporary impact during the construction phase. The status of the environmental permits and the actual environmental aspects of the project, including potential negative impact on sites of Natura conservation importance, will be further investigated during the 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 (Directives 2004/18/EC, or 2014/24/EU where applicable, and/or 2004/17/EC, or 2014/25/EU where applicable, and/or 2014/23/EU where applicable, as well as Directives 89/665/EEC and 92/13/EEC), as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.


    Signed - 21/12/2016


    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