PPC secures EUR 255 million loan to upgrade electricity distribution network - Hydro Balkans
+44 207 394 30 90 (London)

PPC secures EUR 255 million loan to upgrade electricity distribution network

Main » News » PPC secures EUR 255 million loan to upgrade…

PPC secures EUR 255 million loan to upgrade electricity distribution network

Greece’s Public Power Corporation has secured EUR 255 million to upgrade the electricity distribution network operated by the Hellenic Electricity Distribution Network Operator (HEDNO), its subsidiary.
The upgrade is part of a EUR 510 million national investment programme implemented by HEDNO in the 2017-2020 period.

The first part of the European Investment Bank (EIB) loan to PPC, totaling EUR 155 million, was signed at the PPC headquarters in Athens by Manolis Panagiotakis, Chairman and CEO of PPC, and Ioannis Kaltsas, responsible for public sector lending by the EIB in Greece and Cyprus, the EIB said in a press release.

The 20-year loan is guaranteed by the Hellenic Republic, while the remaining EUR 100 million is expected to be signed as the project progresses.

The project envisages the installation of 7,327 km of new medium and low voltage electricity distribution lines that will improve distribution efficiency and increase network resilience and stability.

HEDNO now operates 111.865 km of medium voltage network and 126.377 km of low voltage network.

According to PPC, the investment is crucial to better connect existing and planned wind farms and solar power plants to towns and cities.

Investment to provide attractive returns
Within the framework shaped by technological developments and the EU climate policy, distribution networks become the most significant factor in the power sector, PPC’s Chairman and CEO Manolis Panagiotakis said, adding that distribution assets will continue to provide steady, attractive returns for PPC.

Majority state-owned PPC is the biggest power producer and electricity supply company in Greece. It has two subsidiaries, including HEDNO and PPC Renewables.

In July last year, PPC adopted its 2018-2022 strategic and business plan, which envisages expansion to foreign markets and increase in renewable energy generation.

In 2018, PPC also acquired Energy Delivery Solutions (EDS), an electricity trading and supply company in Macedonia.

Source: Balkans Green Energy

MORE:

Montenegro’s EPCG gets loan from Germany’s KfW for hydro plant overhaul

SARAJEVO (Reuters) – Montenegro power utility EPCG EPCG.MOT signed a 33 million euro ($36.5 million) loan deal with German state-owned development bank KfW [KFW.UL] on Wednesday to help fund the overhaul of three turbines at its 307 megawatt (MW) Perucica hydro power plant. The deal is a part of the KfW’s ongoing 80-million-euro Greening Public…


Consultant sought to help launch renewable energy auctions in Kosovo

Author: Balkan Green Energy News The European Bank for Reconstruction and Development (EBRD) has invited expressions of interest in providing it with consultancy services in order support the Government of Kosovo* in developing and implement a competitive scheme for the award of future support to renewable energy generators. The EBRD previously engaged with the Kosovo*…


Montenegro govt endorses concession deal with PM Hydro for HPP construction

PODGORICA (Montenegro), September 6 (SeeNews) – Montenegro’s government has approved a concession agreement with local company PM Hydro for the construction of a 995 kW hydro power plant (HPP), it said on Friday. The project envisages the construction of a hydro power plant on Vranjestica river in Kolasin municipality, which will produce 3.35 GWh of…


HPP BUK BIJELA

In March 2019 Serbia and Republika Srpska (RS) intend to jointly build the hydropower plant (HPP) Buk Bijela. The installed capacity of more than 180 MW, will equally contribute

to the energy stability of Serbia and the RS. HPP Buk Bijela will be built about 11.6 kilometres upstream from Foča. It is planned to be equipped with three hydro generators with

a total capacity of 93 MW, with the expected average annual electricity generation at around 330 GWh. The project would require an investment of EUR 193 million. Elektroprivreda Srbije (EPS) is currently reviewing the project for HPPs Buk Bijela, to be followed by determining the pace of implementation.

OVERHAUL OF DJERDAP 1,2 HPPS

At the end of 2017, EP S announced its intention to overhaul 10 units of HPP Đerdap 2 over 10 years, to help ex tend the plant ’s lifespan and boost its capacity by 50 MW. EPS and Siloviye Mashiny are cooperating on the overhaul of HPP Đerdap 1. The overhaul began in 2009. In Jul y 2018, the t wo companies signed a contract on the modernization of the A2 and A3 units in or der to complete the revitalization of the entire HPP in 2021.

CONSTRUCTION OF 2 SMALL HYDROPOWER PLANTS

EPS (Serbian state-owned power utility) plans the construction of 2 small hydropower plants on existing dams – SHPP Celije and SHP P Rovni. The project is a part of the programme for reconstruction of SHPPs through the loan of EBRD. The programme encompasses the reconstruction of 15 SHP Ps with total installed capacity of 18 MW. The project also includes the supply of electrical and mechanical equipment and their installation. Once the tender documents are signed, the works will be completed within 62 weeks.