New investment by HEDNO, the Hellenic Electricity Distribution Network Operator, to deploy 3.12 million smart meters will improve grid efficiency.
Smart meters installed will cover the first phase of the nationwide roll-out.
In addition to EIB financing, total estimated project cost of €546 million is expected to also benefit from a €273 million RRF loan.
The European Investment Bank (EIB) signed an agreement to support a significant new investment in Greece to roll out the installation and use of electricity smart meters, which are essential for boosting the efficiency of electricity distribution and the future expansion of renewable energy.
EIB President Werner Hoyer and Chairman and CEO of the Hellenic Electricity Distribution Network Operator (HEDNO), Mr Anastasios Manos, signed the €150 million 15-year loan, which will help modernise and reinforce the Greek electricity distribution network.
HEDNO will install 3.12 million smart meters and all the necessary supporting infrastructure for their operation in a nationwide project which is expected to also be part-funded by a €273 million Recovery and Resilience Facility (RRF) loan to cover the estimated total €546million investment cost.
“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,” said Werner Hoyer, President of the EIB.
“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,”
“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,” said Anastasios Manos, CEO of HEDNO. “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.”
Improving electricity distribution across Greece
The new EIB financing will help upgrade the existing distribution network and enable better management of power supply, increase reliability, and cater for future demand.
The systems are expected to provide real-time information to end-customers, facilitate energy savings and support demand response, and will contribute to addressing issues that slow the achievement of the EU and national long-term energy and climate goals.
Building on EIB’s 59-year support for energy investment across Greece PPC
The European Investment Bank has financed long-term investment by HEDNO’s parent company PPC since 1964.
Over the last decade the European investment bank has provided more than €4.3 billion for energy investment in Greece with PPC and other Greek energy partners, including improving connections to Greek islands and harnessing renewable energy, and accelerating energy efficiency investment.
