The independent transmission system operator has received the last remaining tranche under the European energy programme for recovery after a successful audit; the total value of the project is EUR 253 million.

The independent transmission operator ICGB has utilized the final tranche under the European energy programme for recovery (EEPR) for the implementation of the Greece-Bulgaria gas interconnector. Amounting to EUR 22.1 million, it was approved after ICGB successfully underwent an external audit.

Earlier in October, the IGB pipeline marked its first anniversary of commercial operations. The new infrastructure now secures about 50% the quantities for Bulgaria’s internal natural gas consumption, enabling new route for secure natural gas deliveries to countries in the wider region as well.

The total value of the project is EUR 253 million, which is ensured through funding from the shareholders BEH and IGI Poseidon, EUR 109.9 million in the form of a loan from the European Investment Bank (EIB), EUR 45 million under the European Energy Program for Recovery (EEPR) and EUR 39 million allocated under the Operational Program "Innovations and Competitiveness" (OPIC 2014-2020).

In early November 2022, ICGB received approval for the final tranche of the long-term loan from the EIB following a successful audit by independent international experts. The final payment under OPIC was granted in May 2023.

Independent audits will continue even after the funding for the interconnector is utilized in full, throughout the commercial operation phase of the IGB pipeline. These will be conducted annually in the form of inspections on site and review of documentation, ensuring full compliance with EU and national regulations and legislation.

“This significant milestone is a testament to ICGB’s consistent efforts to ensure full compliance in the project phase of the pipeline and meet the highest standards in the industry. Now that we’ve had the first year of operations at 3 bcm/y with most of the capacity booked, we’re looking ahead at expanding to 5 bcm/y to enhance the region’s energy security and independence”, said ICGB Executive Officers George Satlas and Teodora Georgieva. The two noted that ICGB is currently reviewing the market interest in this next step of the project’s development.