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    Reference: 20180743
    Release date: 5 February 2020

    Promoter – Financial Intermediary




    The project concerns investments that will improve our understanding of the sources and impact of climate change and is expected to identify ways to mitigate and adapt to it, including economically, which is a priority on the European political and research agenda.


    The new vessel will complement vessels of other countries in terms of coverage of the East Mediterranean Sea, the Black Sea and the Red Sea, which are quickly reachable from Greece. The geophysical observatory PANGEA will provide harmonized, reliable, and documented open access observational data of climate, energy and geophysical parameters. The project has two components: a) the marine component concerns the replacement of the existing oceanographic vessel R/V AEGAEO by a new, ocean-going, multi-purpose, state-of-the-art equipped research vessel b) the atmospheric component refers to the establishment of the Panhellenic Geographical Observatory of Antikythera (PANGEA), a national research infrastructure for climate change.


    • Services - Professional, scientific and technical activities

    Proposed EIB finance (Approximate amount)

    EUR 58 million

    Total cost (Approximate amount)

    EUR 78 million

    Environmental aspects

    The project covers research facilities of a kind that are not specifically mentioned in the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the Directive 2011/92/EU, though the project is covered by Annex II of the Directive in relation to urban development. The EIB ank's services will verify during appraisal whether an EIA is required by the competent authority. In addition, the proposed location for the new atmospheric research infrastructure is the island of Antikythera and is located within two Natura 2000 sites. One site is a Special Conservation Area (SAC) and the other is a Special Protection Area (SPA) for birds species. The Bank's services will verify during the appraisal the project's compliance with the Habitats and Birds Directive (92/43/EEC and 2009/147/EC) and the obtaining of other relevant environmental authorisations for both project components as required. The project will contain new construction of public buildings; therefore, compliance with directive 2010/32/EU on the energy performance in buildings will be verified during the appraisal.


    The Promoter will have to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation, Directive 2014/24/EU, as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.


    Signed - 8/07/2020


    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).

    Related tags

    Greece Services