ICGB receives final payment under OPIC for construction of interconnector Greece-Bulgaria

MAY 29, 2023

The independent transmission operator ICGB has received approval of the final payment from the grant funding for the implementation of the Greece-Bulgaria interconnector, provided under the Operational Program “Innovation and Competitiveness” (OPIC).

The total funding allocated under OPIC amounts to 39 million euros. It is disbursed to the pipeline operator in tranches, following thorough inspections at each stage to ensure quality and successful completion of works.

“The latest tranche of about 1.75 million euros has already been utilized, completing the funding process under OPIC. This is yet another indication of the quality work done by the ICGB team and a positive assessment for the company and its compliance with the rules and requirements introduced by the European financial institutions,” announced ICGB’s Executive Officers Teodora Georgieva and George Satlas.

ICGB also expects to receive the final tranche of 22 million euros by the end of summer 2023 under the European Energy Program for Recovery (EEPR) after the completion of the audit.

The total budget for the project implementation is 253 million euros. It is secured through funds from shareholders BEH and IGI Poseidon, as well as a €109.9 million long-term loan from the European Investment Bank (EIB), grant financing of 45 million euros under the European Energy Programme for Recovery (EEPR), and 39 million euros under OPIC.