The European Investment Bank provided recently a total of EUR 310 million for energy security and efficiency in Greece and Cyprus.

A total of EUR 280 million goes to the Greek Public Power Corporation. EUR 140 million of the EIB funds are for the new Aliveri natural-gas fired combined cycle power plant on the island of Evia, and EUR 140 million go to the extension and reinforcement of the Greek transmission and distribution networks, covering the whole range from high tension of 400kV down to low tension.

A further EUR 30 million goes to the Electricity Authority of Cyprus, for a new internal combustion engine power plant at the Dekeleia power station in the district of Larnaca in Cyprus. Initially powered with heavy fuel oil, the plant can be retrofitted to natural gas, once this becomes available on Cyprus. Electricity demand in Cyprus is rising and plants of this type provide a rapid response to load changes, which makes them suitable for generation of electricity during peak demand.This will help meet demand changes in particular during the summer months, when cooling and electricity needs are highest.

EIB Vice-President, Ploutarchos Sakellaris, whose responsibilities include EIB’s lending activities in Greece and Cyprus, as well as energy issues, stated today: “Our funding for energy security and efficiency in Greece and Cyprus is fully in line with the European “Energy Security and Solidarity Action Plan”, as well as the conclusions of the ECOFIN Council earlier this week calling for additional EIB finance for SMEs, infrastructure and key sectors particularly hit by the current slowdown, as well as climate change and energy. In the present context, and as the Bank promoting European objectives, the EIB will provide additional financial support to the EU economy of up to EUR 31.2 billion in 2009 -2010, increasing our annual investments to EUR 60 - 65 billion, from the 2007 level of EUR 48 billion”.

Tags: European Investment Bank