Greek utility Hellenic Electricity Distribution Network Operator (Hedno) is deploying 3.12 million smart meters partly financed by a €273m loan from the European Investment Bank (EIB).

Smart meters to improve grid efficiency will be installed in the first phase of a nationwide roll-out at a total estimated project cost of €546m.

EIB president Werner Hoyer and Hedno CEO Anastasios Manos signed the 15-year loan to help modernise and reinforce the Greek electricity distribution network.

Hedno (deddie.gr) will install 3.12 million smart meters and all the necessary supporting infrastructure for their operation in a nationwide project which is expected to also be part-funded by a €273m recovery and resilience facility (RRF) loan to cover the estimated total €546m investment cost.

“Scaling up energy investment is crucial to improve network reliability, harness Greece’s solar and wind energy potential, and contribute to Europe’s energy transition,” said Hoyer. “Europe’s green and sustainable future will pass through projects like this one. Our homes, places of work and other buildings are among the main emitters of CO₂, partially because of inefficient electricity use. Smart meters like the ones that Hedno is installing, will play an important role in increasing energy efficiency and preventing waste.”

Manos added: “The EIB has continuously approved its support in for the PPC group, and we welcome the investment in one of Hedno’s flagship projects that will rapidly transform and modernise the Greek energy market, by upgrading the electricity distribution network thus paving the way for a successful energy transition. Smart meters and smart grids are essential in achieving all of our energy goals. In the face of climate change, we need a more reliable grid, a smarter grid, now more than ever.”

The EIB financing will help upgrade the existing distribution network and enable better management of power supply, increase reliability and cater for future demand.

The systems are expected to provide real-time information to end-users, facilitate energy savings and support demand response, and will contribute to addressing issues that slow the achievement of the EU and national long-term energy and climate goals.

The EIB has financed long-term investment by Hedno’s parent company PPC since 1964.

Over the past decade the EIB has provided more than €4.3bn for energy investment in Greece with PPC and other Greek energy partners, including improving connections to Greek islands and harnessing renewable energy, and accelerating energy efficiency investment.