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Undated aerial drone photo of shipyard in Elefsina, Attica, Greece

Undated aerial drone photo of shipyard in Elefsina, Attica, Greece. Photo: Aerial-motion/Shutterstock

U.S. Provides $125 Million Loan for Elefsina Shipyard Upgrades in Greece

Mike Schuler
Total Views: 3935
November 9, 2023

The U.S. federal government has agreed to provide a $125 million loan to ONEX Elefsis Shipyards and Industries (ONEX) for the rehabilitation and modernization of the Elefsina shipyard near Athens, Greece. This funding is made available through the U.S. International Development Finance Corporation (DFC), the federal government’s development finance institution.

The investment by DFC aims to transform the shipyard into a strategically critical maritime and energy supply hub for the region. With the support of DFC, ONEX will expand the shipyard’s capacity to repair and upgrade ships, particularly liquified natural gas (LNG) carriers servicing the nearby Revithoussa LNG terminal. The strategic location of the shipyard near key gas trade routes will enable ONEX to establish it as an energy supply hub for LNG shipping lanes in the Mediterranean and Aegean seas

The expansion of the shipyard’s capacity to service LNG carriers will not only promote European energy security and diversification, but also create new local jobs.

“DFC’s investment in the Elefsina shipyard will develop a maritime and energy supply hub that will create good local jobs here in Greece and help the country and region become less reliant on Russian energy,” said DFC CEO Scott Nathan. “DFC is proud to advance this high-quality infrastructure project that will generate more reliable access to energy and foster greater economic growth and prosperity for our partners across the region.”

DFC’s investment is expected to increase the shipyard’s capacity to service up to 200 ships annually. Additionally, the project will include the construction of a 30MW solar farm to provide energy to the shipyard and the local grid. The upgrades will also involve repurposing part of the shipbuilding infrastructure for the fabrication and assembly of wind turbines.

The signing ceremony took place at the shipyard and was attended by CEO Nathan, Greek Minister of Development and Investment Kostas Skrekas, and U.S. Ambassador to Greece George Tsunis.

In a separate announcement this week, DFC revealed its commitment of over half a billion dollars to support the development of a deepwater shipping container terminal in the Port of Colombo, Sri Lanka, aiming to further strengthen the U.S.’s strategic position in one of the world’s key transit hubs.

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