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European Investment Bank to invest EUR130m towards climate change combat in Greece

CTBR Staff Writer Published 11 December 2012

The European Investment Bank will invest €130m in Greece to further the efforts to combat climate change in the country.

State-owned Greek Public Power Corporation (GPPC) will receive the said funding to promote energy efficiency and energy security in the country.

The funds will be employed at the Megalopolis natural gas-fired, combined cycle power plant in the central Peloponnese to ensure environmentally-friendly energy generation.

EIB's investment is the second round of funding in the Megalopolis plant, which had earlier secured €150m from the lending agency.

The funding will also act as a catalyst for the growth of the Greek economy, and is part of a larger €370m investment tranche.

Commenting on the funding EIB Vice-President Dario Scannapieco remarked that the Investment Bank is committed to both Greece and combating climate change.

EIB had earlier invested in various energy efficient projects in Greece which include GPPCs new Aliveri natural gas-fired, combined cycle power plant on the island of Evia; Greek Natural Gas Company's priority Trans-European Network schemes; the construction of the high pressure gas pipeline connecting Komotini with Alexandroupolis; and renewable energy generation through the construction of wind farms.