The European Bank for Reconstruction and Development (EBRD) and Piraeus Bank have agreed to provide financial support for Terna Energy’s renewable projects in Greece.
Terna will receive €50m from the EBRD and €10m in parallel financing from Piraeus Bank. These funds will be used towards the development, construction, and operation of the company’s renewable energy projects, including the improvement of 48MW windfarms in Central Greece.
EBRD's power and energy director Nandita Parshad said: “This transaction is not only our first investment in the Greek electricity sector, it also marks the transition to a new market-based scheme for renewable energy, which helps deliver clean energy to end-users at a lower price.
“We are very pleased to support Terna Energy’s wind projects alongside Piraeus Bank and we hope that this investment will lay the groundwork for a deeper involvement in the Greek electricity market.”
Terna Energy has a broad portfolio, which includes windfarms, small hydroelectric plants, and waste-to-energy units with a total operational capacity of 738MW. It intends to enhance its operational capacity to 1,000MW in the coming years.
Image: EBRD and Piraeus Bank support Terna Energy's renewable portfolio. Photo: courtesy of European Bank for Reconstruction and Development.