EIB co-funds the Agios Nikolaos Power Plant in Greece
The European Investment Bank has agreed to support construction of a new natural gas power plant in Viotia, Greece by Mytilineos S.A.
Luxembourg: 22 July 2020
The new 826 MW Agios Nikolaos power plant will enable the phasing out of lignite power generation in Greece by 2023, as well as supply long-term energy demand.
According to Chairman and CEO of Mytilineos, Mr. Evangelos Mytilineos, the importance and vision of the Agios Nikolaos power plant contribute to a cleaner energy future for Greece has been recognized by EIB’s first ever loan to Mytilineos.
The EIB will provide a EUR 125 mln, 8-year loan to finance construction and connection of the new EUR 322 mln plant at Agios Nikolaos Viotias in central Greece alongside an existing energy generation center and industrial site.
Once operational, the new 826 MW natural gas plant will contribute to ensuring sufficient generation capacity to support the shut down of all - except one - lignite power plants in Greece by 2023. Lignite currently accounts for 4 GW of power generation in Greece, or 22% of total power generation capacity in the country.
According to EIB, the new plant will be the most efficient gas power plant in Greece and use state of the art CCGT technology.
Since the EIB board approved the project the EIB has introduced a new Energy Lending Policy that will end all financing for unabated fossil-fuel power generation by the end of 2021.
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Greece: EIB backs 826 MW Mytilineos power plant to support energy transition
European Investment Bank. 22 July 2020