Baku. TurkicWorld:

The European Investment Bank (EIB) has formalized a 15-year, €150 million loan agreement with Greece to support the modernization and reinforcement of the nation's electricity distribution network, TurkicWorld reports via EIB.

The Hellenic Electricity Distribution Network Operator (HEDNO), a key participant in this collaboration, is set to undertake a nationwide project that will involve the installation of 3.12 million smart meters along with the necessary infrastructure for their operation. This extensive initiative is anticipated to benefit from a €273 million loan provided under the Recovery and Resilience Facility (RRF), covering a significant portion of the estimated €546 million total investment cost.

The injection of EIB financing will contribute to the enhancement of Greece's existing distribution network, enabling more efficient power supply management, improving reliability, and catering to future demands. The smart meter systems are poised to provide real-time data to end-users, facilitating energy conservation and supporting demand response measures. Furthermore, these advancements align with the broader objectives of achieving both EU and national long-term energy and climate goals.

Over the past decade, the European Investment Bank has committed over €4.3 billion in energy-related investments in Greece, collaborating with partners such as PPC and other Greek energy entities. These initiatives have included efforts to enhance connections to Greek islands, harness renewable energy sources, and expedite energy efficiency investments.