"TAP successfully completed its financial close in December 2018, securing the largest funding agreement for a European infrastructure project in 2018 of 3.96 billion euros. Funding has been provided by a group of 17 commercial banks, along with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). The company, Trans Adriatic Pipeline (TAP), made the first drawdown of the financing arranged on 30 November, and provided Enagás with a cash inflow through the partial reimbursement of the contributions made by Enagás to TAP for the execution of the project, of 415.2 million euros in 2018," said the company.
Enagás said it will contribute a further 62 million euros to TAP until the project comes on stream.
"Enagás' total investment in TAP is expected to reach 232 million euros, in line with the capital structure envisaged in the project," said the company.
TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU). The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.
The project is currently in its construction phase, which started in 2016.
Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.
TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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