Electricity

PPC secures EUR 160 million for distribution network upgrade, expansion

PPC secures EUR 160 million loan for distribution network upgrade, expansion

Photo: BSTDB

Published

June 26, 2019

Country

Comments

0

Share

Published:

June 26, 2019

Country:

Comments:

0

Share

Greece’s Public Power Corporation (PPC) has secured a EUR 160 million loan, backed by a sovereign guarantee, from the Black Sea Trade and Development Bank (BSTDB). The loan will support PPC’s capital expenditure plan concerning the distribution network, the BSTDB said.

The proceeds of the loan will be used to finance PPC’s capital expenditures for the upgrade, modernization, and expansion of the distribution network, which serves approximately seven million customers all over Greece, according to a press release from the BSTDB.

The loan will be used to finance PPC’s capital expenditures for the upgrade, modernization, and expansion of the distribution network

The loan represents the largest BSTDB financing to date, according to the press release.

Athens-based PPC currently holds assets in lignite mines, power generation facilities (conventional thermal and hydropower plants) and distribution as well as renewable energy units, accounting for approximately 55% of the total installed capacity in Greece.

The company is the largest power generator, distribution monopolist and the biggest power supply provider in Greece, as well as one of the largest industrial groups by revenues and assets in the country with approximately 15,500 employees.

PPC is the largest power generator, distribution monopolist and the biggest power supply provider in Greece

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece.

“Capital expenditures in the distribution network which are of critical importance since they will cover the rising demand due to the economic growth result in stable attractive returns for PPC Group. The €160 million new loan is firstly part of the financing of the above strategic CAPEX and secondly represents the commencement of the cooperation between PPC Group and BSTDB which we expect to expand in other areas as well,” said PPC’s Chairman & CEO Manolis Panagiotakis.

Earlier this year, PPC secured a EUR 255 million loan to upgrade the electricity distribution network operated by the Hellenic Electricity Distribution Network Operator (HEDNO), its subsidiary.

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

EU's Timmermans Coal no future workers

EU’s Timmermans: Coal has no future but coal sector workers do

25 February 2021 - The European Commission's Executive Vice-President says the EU needs to help the fossil fuel sector to abandon coal, but also oil and petrochemicals

ems trans balkan corridor donation

EMS gets EUR 12.8 million grant for Trans-Balkan corridor

23 February 2021 - Transmission system operator has received a donation from the Western Balkans Investment Framework (WBIF) for section 3 of the corridor.

zorana mihajlovic new laws renewables

Four energy, mining bills to be adopted by Serbian goverment next week

19 February 2021 - The adoption of bills on renewable energy sources, energy, energy efficiency, and mining by the Government of Serbia could be scheduled for next week.

COVID-19 pandemic slowdown coal power

COVID-19 pandemic accelerated slowdown in coal power plant sector

16 February 2021 - Electricity output from fossil fuels dropped more than from low-carbon sources. The coal power sector showed the greatest weakness in the market.