Electricity

PPC, EPCG get EUR 210 million in loans to absorb coronavirus challenges

EPCG-PPC-EUR-210-million-loans-coronavirus-EBRD

Photo: Pixabay

Published

August 4, 2020

Country

,

Comments

0

Share

Published:

August 4, 2020

Country:

,

Comments:

0

Share

State-owned power utilities from Greece and Montenegro – Public Power Corporation (PPC) and Elektroprivreda Crne Gore (EPCG), have secured loans in the amount of EUR 210 million to absorb the challenges presented by the coronavirus pandemic.

The loans, approved by the European Bank for Reconstruction and Development (EBRD), will enable the companies to continue to deliver vital services in the situation where their revenues are much lower than usual.

PPC will get EUR 160 milion and EUR 50 million was earmarked for EPCG

According to the bank, it is providing a senior unsecured loan of up to EUR 160 million to PPC.

The facility will support PPC’s working capital needs at a time of customer payment volatility following the outbreak of the crisis, and ensure the stability of essential utility supplies and maintaining the momentum towards decarbonisation, the EBRD said on its website.

On the other hand, the EUR 50 million loan for EPCG will help ensure the stability and resilience of the energy supply in the country while protecting the achievements made by the Montenegrin energy sector in its decarbonisation agenda.

PPC: We aim to shield the company against the possibility of a new pandemic wave

The loans come under the EBRD’s Vital Infrastructure Support Programme.

EPCG: We want to ensure the sustainability of planned investments

PPC Chairman and CEO George Stassis said that despite initial disruptions to liquidity at the outset of the pandemic in March, the company has succeeded in regaining pre-Covid-19 levels since May.

“We aim to shield the company against the possibility of a new pandemic wave,” he added.

Branislav Pejović, EPCG’s CFO, said the company wants to safeguard its operations and ensure the sustainability of our planned investments.

The company’s shareholders decided against dividend payment for 2019. The EUR 28.3 million profit for 2019 won’t be distributed.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

miroslav tomasevic eps

Tomašević: I have fulfilled my task in EPS

30 March 2023 - Power company Elektroprivreda Srbije (EPS) has earned EUR 49 million from electricity exports since the beginning of the year

Romanian journalists uncover giant hybrid power plant project Serbian border

Romanian journalists uncover giant hybrid power plant project on Serbian border

30 March 2023 - A dormant wind, solar and pumped hydropower project valued at EUR 1.9 billion has been unearthed in a Romanian media report

us renewables texas coal nuclear eia

Renewables outpace coal for first time in US power production

30 March 2023 - The US power sector produced 4,090 TWh last year, and the share of renewables was 21%, the Energy Information Administration said.

Djedovic Dedovic Serbia promote energy storage renewables law

Đedović: Serbia to promote energy storage with changes to renewables law

30 March 2023 - To avoid a delay in connecting their renewable power plant, investors will need to add batteries, according to the renewables bill