EBRD approves up to EUR 500mn for Trans Adriatic Pipeline
The EBRD Board of Directors has approved an up to EUR 500 million loan for the construction of the Trans Adriatic Pipeline (TAP).Source: B92, EBRD
The European Bank for Reconstruction and Development (EBRD) announced this on Wednesday.
A press release noted that this is "a priority project of the EU and the Energy Community."
"The 878 kilometer pipeline will start at the Greek-Turkish border, cross Albania and, after passing under the Adriatic Sea, will end in southern Italy. It constitutes the final leg of the Southern Gas Corridor and will transport gas from the Caspian region to Europe," the EBRD said.
According to the bank, "with an initial annual capacity of 10 billion cubic meters - equivalent to the energy consumption of approximately seven million households in Europe – the pipeline will make a significant contribution to the diversification of Europe’s energy supply" and will also "help make energy supply for consumers more reliable, as well as achieve significant CO2 reductions by providing a cleaner fuel, as compared to coal."
The first delivery of gas is expected by 2020, while the total project cost is EUR 4.5 billion.
The European Investment Bank’s Board earlier this year approved TAP’s eligibility for a EUR 1.5 billion loan, and further contributions from the export credit agencies of France, Germany and Italy are currently under consideration, the EBRD said.
At the start point in Turkey TAP will connect to the Trans Anatolian Pipeline (TANAP) for which the EBRD approved a EUR 500 million loan last October, while at the end point in Italy TAP will connect to the Italian natural gas network and from there with wider European networks, the press release said.