EBRD adopts EUR 300 million renewable power framework for Greece
The European Bank for Reconstruction and Development (ERDB) has approved a framework committing up to EUR 300 million to finance renewable electricity investments in the country in a bid to "boost the country’s ambition" to become greener and more resilient.
In a major step towards strengthening the green economy in Greece, the European Bank for Reconstruction and Development (EBRD) has approved a framework committing up to EUR 300 million to finance renewable energy investments in the country.
The facility will finance investments in electricity generation from renewable sources, electricity distribution and transmission capacity to improve efficiency, reduce losses and enable the integration of renewables into the grid.
In 2016, Greece set up a new, more market-based, renewable electricity support scheme that introduces competitive auctions to replace fixed-price feed-in tariffs. It will also contribute to the country’s target of adding 2.4 GW of new renewable power generation capacity by 2020.
The EBRD’s new framework will focus on mobilising investment and commercial financing to support Greece exploit its “huge potential” for renewables, including solar, wind, biomass and geothermal power thereby lessen dependence on fossil fuels and imports.
– 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, said Harry Boyd-Carpenter, the EBRD’s new Director for Power and Energy.
The EBRD started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. To date, the Bank has invested some EUR 850 million in 17 projects in the financial, energy, infrastructure and agribusiness sectors of the Greek economy.