EIB Provides €310 Million for Energy Efficiency in Greece

€310 million is to be provided to the Greek Public Power Corporation (PPC) by the European Investment Bank (EIB) for promoting energy efficiency and security in economic hit Greece. 

The EIB investment will be used for environmentally friendly energy production and reinforcing efficient power transmission and distribution across the country. Energy efficiency has very much been a focus for many businesses and organisations in the face of the countries financial woes, as energy efficiency results in energy costs savings.

Plutarchos Sakellaris, EIB Vice-President, whose is responsible for EIB’s lending activities in Greece along with energy issues, said:  “Today’s signatures in support of climate action and energy are a decisive step forward for not only development but also sustainable growth."

“Our funding for energy security and efficiency in Greece is fully in line with the European “Energy Security and Solidarity Action Plan, as well as the ECOFIN Council’s priorities. Through our 48 years of sustained good cooperation with PPC we have been able to provide significant support for power generation and electricity network investments in Greece.”

Arthouros Zervos, PPC’s Chairman and CEO, added: “Within the new environment that is emerging, PPC is currently being dynamically transformed into a new corporation with a multiple role: to support strategic choices relating to security of supply and system reliability; and to maintain its competitive edge within a liberalised market, having a large programme of environmental investments."

“For 48 years, the European Investment Bank has been, and continues to be, a long-standing and strategic financial partner. This relationship is today expanding to support PPC’s new strategic focus, aiming to develop new thermal plants that will replace old and inefficient capacity, while pursuing a programme of investments in network development and upgrading.”

Picture: Athens, Greece by Titanas

Friday 15th July 2011

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