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EIB provides 125 million euros of support for Greek energy transition

The money will be spent on the construction of a new power plant that will help the country make better use of renewable energy sources

  • July 26, 2020 13:00
  • Author Anton Stoyanov
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In its drive to help EU countries become more resilient and climate-friendly, the European Investment Bank (EIB) has been focusing its efforts in providing member states with funding for the development of alternative and eco-friendly energy sources.

Fruitful cooperation for the benefit of Greek and European citizens

One of the latest projects that have been greenlit for development thanks to EIB funding is the construction of a new power plant in Greece by the company Mytilineos S.A. The new power plant will have a capacity of 826 megawatts and will allow the country to make better use of renewable energy sources, to phase out lignite quicker by 2023 and to achieve its climate targets.

Thanks to this new project and following its completion, Greek authorities will be able to shut down all but one of the country’s lignite power plants, thus giving them more room to explore alternative solutions that are less damaging to the environment.

The European Investment Bank has been a key partner in the development of a myriad of such projects across the EU. It plays a key role in the advancement of the European Green Deal and in achieving the European Commission’s environmental objectives.

Furthermore, in the aftermath of the coronavirus crisis, its support is especially valuable for the economic recovery of member states who are on the lookout for new investment and development opportunities that will allow them to reboot their economies after the lockdown.

“The European Investment Bank has unique technical and financial expertise in the energy sector and is a valuable partner to enable Greece to deliver on climate goals and move away from lignite use by 2028. We welcome the EIB’s recognition of the importance of supporting the energy transition in Greece and the new support for the Agios Nikolaos facility.” said Christos Staikouras, Minister of Finance of the Hellenic Republic and Governor of the European Investment Bank.

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