EBRD’s £300 M for Greek renewables
The European Bank for Reconstruction and Development (EBRD) has approved a framework committing up to €300 million to finance renewable energy investments in Greece.
Image for illustration purposes.
Greece, Athens: The European Bank for Reconstruction and Development (EBRD) has approved a framework committing up to €300 million to finance renewable energy investments in Greece.
It will finance investments in electricity generation from renewable sources and in distribution and transmission capacity to improve efficiency, reduce losses and enable the integration of renewables into the grid. It follows the establishment by Greece in 2016 of a new, more market-based, renewable-energy support scheme that introduces competitive auctions to replace fixed-price feed-in tariffs.
The framework will focus on mobilising investment and commercial financing to support Greece exploit its potential for renewables, including solar, wind, biomass and geothermal power. It is expected to result in annual emissions savings of 500,000 tonnes of carbon dioxide equivalent.
One of the first renewable energy projects that EBRD is considering financing under the new framework subject to Board approval is a 43 MW wind farm project developed by Volterra, a Greek renewable energy developer and electricity operator fully owned by the Greek construction company J&P Avax.
Source: renews.biz
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