The new 826 MW Agios Nikolaos power plant in Viotia, central Greece, will allow greater use of renewable energy resources in the country and enable the phasing out of lignite power production in Greece by 2023.
The EIB will provide a €125 million eight-year loan to finance the construction and connection of the new €322 million natural gas plant alongside an existing energy generation centre and industrial site. The EIB loan is guaranteed by the EU under the Investment Plan for Europe. Once operational, the new plant will contribute to ensuring there is sufficient generation capacity to support the shutdown of all but one lignite power plants in Greece by 2023.
Andrew McDowell, the EIB vice-president responsible for lending operations in Greece, said: “The EIB is supporting energy transition in Greece. As part of the EIB Energy Lending Policy agreed in 2019, we committed to supporting a pipeline of gas projects already under appraisal, before moving to renewables-only lending from 2021. The EIB looks forward to working with Mytilineos and other leading energy partners to support future clean energy investment across Greece.”