Bloomberg News

Greece’s PPC Looking at All Financing Options for New Power Unit

March 29, 2012

Public Power Corp. SA (PPC), Greece’s largest electricity producer, is looking at various financing possibilities for the Ptolemaida V power unit, Rania Ekaterinari, PPC deputy chief executive said.

“It is challenging to find the financing and we are exploring all sources including the European Investment Bank and commercial banks,” Ekaterinari said today at a conference in Athens.

PPC is also considering using some of its own funds to part finance the project while Germany’s Kreditanstalt fuer Wiederaufbau IPEX Bank Gmbh, also known as KfW, is financial adviser and arranger for a possible syndicated loan. KfW is discussing with Germany’s Export Credit Agency, Euler-Hermes, getting insurance cover for the loan, she said.

The 1.4 billion-euro ($1.9 billion) project with a production capacity of 660 mega watts and 140 mega watts of thermal capacity will be PPC’s main power unit. Scheduled to begin operations in 2018, the lignite-fueled plant will use 28 percent less of the fuel than existing lignite-powered plants, Ekaterinari said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus