BAKU, Azerbaijan, May 17
By Leman Zeynalova – Trend:
The Interconnector Greece-Bulgaria (IGB) project has received two tranches under the European Investment Bank (EIB) loan, ICGB AD, a project company, told Trend.
The company said 109.9 million euros in the form of long-term loan funding from the European Investment Bank are provided through the Bulgarian Energy Holding.
“This funding is secured by a state guarantee included in the State Budget Act. The loan agreement was signed on October 10, 2019. As of April 30, 2021, two tranches totaling EUR 60 million have been received under this loan. They are at a fixed interest rate with a maturity of 25 years and a grace period of 5 years. All social and environmental prerequisites have been successfully met and the 1st and 2nd environmental audits have been successfully passed by the project company ICGB,” said ICGB AD.
The IGB gas pipeline will be connected with the Greek national gas transmission system in the area of Komotini and with the Bulgarian national gas transmission system in the area of Stara Zagora. The planned length of the pipeline is 182 km, the pipeline diameter will be 32” and the projected capacity will be up to 3 bcm/y in the direction from Greece to Bulgaria. Depending on the interest from the market and the capacities of the neighboring gas transmission systems, the pipeline is designed for increasing its capacity up to 5 bcm/y for following up the market evolution thus allowing physical reverse flow (from Bulgaria to Greece) with the additional installation of a compressor station. A Memorandum for cooperation between ICGB AD and TAP AG has been signed concerning joint actions in relation to future connection between the IGB pipeline and the Trans-Adriatic Pipeline.
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