IGB's Operator Gets Final Tranche Under European Energy Program
Date
10/26/2023 7:20:18 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 26. The
Interconnector Greece-Bulgaria (IGB), managed by ICGB, has
announced the receipt of the last installment of funds from the
European energy program, the company told Trend .
This final tranche, amounting to 22.1 million euros, was granted
under the European Energy Program for Recovery (EEPR) to support
the implementation of the Greece-Bulgaria gas interconnector,
following a successful external audit.
The overall project, with a total value of 253 million euros,
has secured financing from various sources. This includes
contributions from shareholders BEH and IGI Poseidon, a 109.9
million euros worth loan from the European Investment Bank (EIB),
45 million euros from the European Energy Program for Recovery
(EEPR), and an additional 39 million euros allocated under the
Operational Program "Innovations and Competitiveness" (OPIC
2014-2020).
ICGB's financial milestones include the approval of the final
tranche of a long-term loan from the EIB in early November 2022,
following a successful audit conducted by independent international
experts. The last payment under OPIC was received in May 2023.
Importantly, even as the funding for the interconnector reaches
full utilization, ICGB is committed to ensuring the project's
compliance with EU and national regulations and legislation. To
that end, independent audits will continue during the commercial
operation phase of the IGB pipeline, with annual on-site
inspections and documentation reviews as part of this ongoing
commitment to regulatory and legal conformity, the company
said.
The IGB gas pipeline connects with the Greek national gas
transmission system (DESFA S.A.) and the Trans-Adriatic gas
pipeline (TAP AG) in the area of Komotini (Greece), and with the
Bulgarian gas transmission system (Bulgartransgaz EAD) in the area
of Stara Zagora. The total length of the gas pipeline is 182 km,
the diameter of the pipe - 32'' - and a design capacity of up to 3
billion m3/year in the direction Greece - Bulgaria.
The gas pipeline enables the transportation of natural gas from
new sources to other countries in the region as well, including
Moldova and Ukraine.
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