Search En menu en ClientConnect
Top 5 search results See all results Advanced search
Top searches
Most visited pages
    Reference: 20230622
    Release date: 27 February 2024

    Promoter – Financial Intermediary




    The project consists of an investment programme in electricity distribution in Greece, covering the period 2024-2026. The programme includes investments in MV and LV networks, smart meters and automation.

    Additionality and Impact

    The project is an investment programme in electricity distribution. It covers investments in overhead lines and underground cables, substations, transformers, smart meters, and automation.

    The programme comprises the expansion and modernisation of the electricity distribution network of the Promoter, consistently with the country's National Energy and Climate Plan and in alignment with EIB policies. The programme schemes are located in Cohesion Priority Regions. The programme is expected to deliver economic benefits over the financial return, in particular by addressing market failures linked to negative environmental externalities (GHG emissions from power generation) and the supply of public goods (security of power supply).

    The expected Economic Rate of Return (ERR) and the broader social benefits of the programme are deemed "very good", reinforced by its contribution to the economic activity in Cohesion Priority Regions.

    The Promoter is an experienced operator of electricity distribution networks with a sound project management structure.

    The proposed operation meets the required funding needs of the Promoter, by providing an amortising loan with a long tenor and an adequate pre-amortisation period, together with a sizeable financing volume. The EIB loan is expected to further improve the Promoter's maturity profile as well as the diversification of its funding sources.


    The aim is to connect new system users, including renewable energy sources and improve the reliability and quality of electricity supply. Smart meters are expected to reduce non-technical losses, enable remote operations related to end customers, improve demand forecasting, improve awareness on electricity consumption, support energy efficiency policies, enable the implementation of new services such as demand side management, increase observability of the low voltage distribution network, improve quality of service, facilitate the energy market, and contribute to the reduction of various operating costs.


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

    Proposed EIB finance (Approximate amount)

    EUR 150 million

    Total cost (Approximate amount)

    EUR 592 million

    Environmental aspects

    The programme comprises several electricity distribution schemes with voltages ranging from 0.4 kV up to 20 kV. Some of these schemes may fall under Annex II of Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU, which requires the competent national authority to determine the need for an EIA. Where, and if applicable, the requirements of Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be verified during appraisal. Programme schemes that have to do with smart meters and automation are expected to have limited environmental impact. The environmental and social due diligence will follow the programme lending approach according to the EIB's procedures and standards. It will focus on the promoter's capacity to implement the programme in line with the EIB environmental and social standards and requirements.


    The promoter has to ensure that contracts for implementation of the programme are tendered in accordance with the applicable EU procurement legislation, Directive 2014/25/EU as well as Directive 92/13/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 - 27/05/2024

    Under appraisal
    12 April 2024
    27 May 2024


    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 Energy