The European Bank for Reconstruction and Development (EBRD) is to provide a financial injection aimed at developing the Greek renewable energy sector.
EBRD is to provide $318m (€300m) in funding for renewable energy projects in Greece, aimed at mobilizing investment and commercial financing for the projects.
EBRD’s framework will assist Greece in achieving its target of adding 2.4 GW of new green-energy generation capacity by 2020.
The funding will be used for the development of renewable projects such as solar, wind, biomass and geothermal power, helping Greece to reduce its dependence on fossil fuels and imports.
One such project considered for finance is the 43MW wind farm project developed by Volterra. Volterra is a Greek renewable energy developer and electricity operator, which is owned by the Greek construction company J&P Avax.
According to EBRD, the framework is expected to result in annual emissions savings of 500,000 tonnes of carbon dioxide equivalent.
EBRD power and energy new director Harry Boyd-Carpenter said: “This framework marks a milestone in our engagement in Greece. It provides us with the opportunity to play an important role in ensuring that the country’s new renewables scheme is successful and thus supporting Greece’s energy security and carbon-reduction goals.
“The EBRD renewable energy framework will make the Greek economy greener, more resilient and more competitive.”
The bank has already invested around €850m in 17 projects in the financial, energy, infrastructure and agribusiness sectors of the country.
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