Greece to get EBRD funding for renewable energy drive
09/03/2017 14:04
ATHENS, March 9 (Reuters) - Cash-strapped Greece will get
more funding from the European Bank for Reconstruction and
Development (EBRD) after its board approved up to 300 million
euros ($316 million) to fund renewable energy projects.
Greece is heavily dependent on imported fossil fuels and the
EBRD aims to mobilise much-needed investment and financing to
help exploit the country's huge potential for renewables,
including solar, wind, biomass and geothermal power.
The EBRD started investing in Greece in 2015 to support the
country's economic recovery following its debt crisis. So far it
has invested about 850 million euros in 17 projects in the
financial, energy, infrastructure and agribusiness sectors.
The new facility will finance investments in electricity
generation from renewable sources, power distribution and
transmission capacity to improve efficiency and enable the
integration of renewables into the electricity grid.
"The EBRD renewable energy framework will make the Greek
economy greener, more resilient and more competitive," Harry
Boyd-Carpenter, the EBRD's power and energy director, said in a
statement on Thursday.
The EBRD expects the funding will result in annual emissions
savings of 500,000 tonnes of carbon dioxide equivalent.
One of the first renewable energy projects the EBRD is
considering financing is a 43 MW wind farm project developed by
Volterra, a Greek renewable energy developer and electricity
operator fully owned by construction company J&P Avax AVAr.AT .
($1 = 0.9480 euros)
(Reporting by George Georgiopoulos; Editing by Alexander Smith)
((george.georgiopoulos@thomsonreuters.com; +30210 337 6437;
Reuters Messaging:
george.georgiopoulos.thomsonreuters.com@reuters.net))
Keywords: GREECE EBRD/FUNDING