The European Investment Bank has provided two loans worth a total of €215m ($276m) for gas and electricity projects in Greece.

A first loan for €190m will go to the Greek Public Power Corporation (PPC) and will be used to add to and extend the country’s transmission and distribution networks to allow the efficient exploitation of renewable generation sources.

Also, following an EIB loan of €30m signed in 2012, an additional €25m will go to the Hellenic National Gas System Operator for introducing natural gas in the currently un-served Peloponnesus, through a new high pressure pipeline from Aghioi Theodoroi to Megalopolis.

The pipeline will supply a new 811 MW gas-fired, combined cycle power plant at Megalopolis, being built by Greek EPC company METKA.

EIB vice-president Mihai Tanasescu said: “Signatures in support of climate action and energy are a decisive step forward for not only development but also sustainable growth.”