GEK-TERNA, Motor Oil secure €350m loan for Komotini CCGT, 65% ready

GEK-TERNA and Motor Oil Hellas, co-developing a state-of-the-art, 877-MW combined cycle, gas-fueled power station in Komotini, northeastern Greece, have secured project financing worth a total of 325 million euros from Eurobank and Piraeus Bank, a sum expected to contribute decisively to the CCGT’s further development and completion.

Development of the project, Thermoilektriki Komotinis, is well over the half-way mark and about 60 to 65 percent completed, energypress has been informed. Its developers aim to commence trial runs late next year.

Virtually all of the main equipment to be installed at the CCGT has been received, while mechanical and electrical work is now in progress, along with the development of a substation and interconnection lines.

As previously reported by energypress, a Siemens HL-class gas turbine, the first to be used in Greece, was installed at the facility earlier this year. This cutting-edge piece of technology promises to offer energy efficiency reaching 64 percent.