EIB backs renewable investment in Greece, including hydro - Hydro Balkans
+44 207 394 30 90 (London)

EIB backs renewable investment in Greece, including hydro

Главная » News » EIB backs renewable investment in Greece,…

The European Investment Bank (EIB) has approved a €85 million loan that will support the refurbishment of existing small hydropower and wind projects, as well as the construction of new projects across Greece.

The funding will back a new investment programme by PPC Renewables across mainland Greece and the Greek Islands and will finance a pipeline of 18 renewable energy projects. It represents the largest ever support for renewable energy investment in the country by the EIB.

“New investment in renewable energy is essential to cut carbon emissions and support for renewable energy investment is a priority for both the Greek government and the European Investment Bank,” said Jonathan Taylor, European Investment Bank Vice President. “The EIB is pleased to expand our long-standing partnership with PPC to harness clean energy across Greece through this first engagement with PPC Renewables. As the EU Bank, the EIB supports climate related investment worldwide and this scheme is already being examined by others as a model to demonstrate the potential of renewable energy on small islands.”

“This loan will bolster the generation of electricity from renewables in mainland Greece and on the islands. It will also support the change of the energy mix generated at Group level and will make energy supplies in Greece more sustainable and more secure,” added Manolis Panagiotakis, Chairman of PPC Renewables. “The PPC Group has an excellent long standing cooperation with European Investment Bank, since 1963, building a relationship of trust. Today, EIB’s financing to PPCR, under the current challenging financial conditions, underlines EIB’s catalytical role to boost investment in renewables.”

The finance contract for the €85 million EIB loan was signed in Athens earlier today by Nicholas Jennett, Deputy Director General and Head of Investment Team for Greece on behalf of the European Investment Bank and Manolis Panagiotakis, Chairman, and Ilias Monacholias, CEO, on behalf of PPC Renewables.

The new renewable energy programme will support the repowering of two old small hydropower stations – the Louros project in Arta and a project in Vermio northern Greece – as well as two new smallhydro power stations, one located in Smokovo and the other in Makrohori, central Greece.

Once complete the schemes, together with planned wind investments, will increase generation of renewable energy in Greece by 90MW and make a significant contribution to both national and European renewable energy objectives.

Development, construction and operation of the individual renewable energy projects is expected to be completed over the next two years.

Source: Water Power DAM construction

MORE:

EBRD has acquired stake in Ictas Surdurulebilir Enerji Yatirimlari, the renewable energy arm of Turkey’s IC Holding for $100m

The EBRD’s investment is expected to provide new boost to Turkey’s renewable energy sector. Ictas Surdurulebilir Enerji Yatirimlari owns a portfolio of ten hydropower plants with a total capacity of 400MW. With the funding, the company expects to invest in wind and solar power with a combined capacity of up to 250MW. The investment will…


Romania’s Govt. renews promises for 10% IPO at Hidroelectrica

Romania’s Government plans to launch an initial public offer (IPO) for the sale of a 10% stake in hydropower producer Hidroelectrica and a 15% stake in coal and power company CE Oltenia, according to the 2019-2022 Convergence Program, passed by the Government on May 8. The offers would include the issuing of new shares by…


EPCG’s new investment cycle focuses on portfolio diversification, hydropower projects

A Belgrade consortium comprising engineering firm Energoprojekt Hidroinženjering and water management institute Jaroslav Černi has been selected to produce a conceptual design for hydropower plant (HPP) Komarnica, and has already prepared an environmentally acceptable technical solution, which paves the way for the construction of the power plant following decades of research, Igor Noveljić, CEO of…