EIB Commits €150 Million Loan to Deploy Smart Meters for Greece’s Energy Modernization

 The European Investment Bank

 The European Investment Bank (EIB) has signed a €150 million 15-year loan agreement with the Hellenic Electricity Distribution Network Operator (HEDNO) to support the deployment of electricity smart meters across Greece. This initiative aims to enhance the efficiency of electricity distribution and facilitate the integration of renewable energy sources. HEDNO plans to install 3.12 million smart meters and necessary infrastructure nationwide, with part of the project cost expected to be covered by a €273 million Recovery and Resilience Facility (RRF) loan. The EIB’s financing will upgrade Greece’s distribution network, improve power supply management, and promote energy savings and demand response. It builds on the EIB’s long-standing support for energy investments in Greece, totaling over €4.3 billion in the past decade.

LUXEMBOURG, 7-Nov-2023 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union, has taken a significant step towards advancing energy efficiency and renewable energy integration in Greece by signing an agreement to support the nationwide installation of electricity smart meters. EIB President Werner Hoyer and Mr. Anastasios Manos, Chairman and CEO of the Hellenic Electricity Distribution Network Operator (HEDNO), sealed the €150 million 15-year loan, which will play a pivotal role in modernizing and strengthening Greece’s electricity distribution network.

Under this initiative, HEDNO will embark on the installation of 3.12 million smart meters, accompanied by the necessary infrastructure, in a nationwide project. It is anticipated that a portion of the project’s total estimated cost of €546 million will be covered by a €273 million Recovery and Resilience Facility (RRF) loan.

Werner Hoyer, President of the EIB, emphasized the importance of scaling up energy investments, stating, “Scaling up energy investment is crucial to improve network reliability, harness Greece’s solar and wind energy potential and contribute to Europe’s energy transition,”

He further added, “Europe’s green and sustainable future will pass through projects like this one. Our homes, places of work, and other buildings are among the main emitters of CO2, partially because of inefficient electricity use. Smart meters like the ones that HEDNO is installing, will play an important role in increasing energy efficiency and preventing waste,”

Anastasios Manos, CEO of HEDNO, expressed gratitude for the EIB’s continuous support and highlighted the transformational impact of this flagship project on the Greek energy market. He stated, “The EIB has continuously approved its support in for the PPC Group, and we welcome the investment in one of HEDNO’s flagship projects that will rapidly transform and modernize the Greek energy market, by upgrading the electricity distribution network thus paving the way for a successful energy transition. Smart meters and smart grids are essential in achieving all of our energy goals. In the face of climate change, we need a more reliable grid, a smarter grid, now more than ever.”

Enhancing Electricity Distribution and Energy Management

The EIB’s new financing will enable the upgrade of the existing distribution network in Greece, facilitating better power supply management, enhancing reliability, and catering to future demand. The smart meter systems are poised to provide real-time information to end-customers, promote energy savings, facilitate demand response, and contribute to the attainment of EU and national long-term energy and climate goals.

Continuing Support for Energy Investment in Greece

The EIB’s commitment to energy investment in Greece has a rich history, dating back to 1964 when it first financed HEDNO’s parent company, PPC. Over the past decade alone, the EIB has channeled more than €4.3 billion into energy investments in Greece, collaborating with PPC and other Greek energy partners. These investments have spanned various initiatives, including improving connections to Greek islands, harnessing renewable energy sources, and accelerating energy efficiency projects.

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