EBRD is financing a major renewable energy programme in Greece

The first project under the recently launched Greek Renewable Energy Framework was signed by the European Bank for Reconstruction and Development. The Bank announced it had subscribed EUR 23,3 million in bonds issued by Hellenic Petroleum - a Greek energy company, expanding its business activities towards the renewable energy sector.

The investment is planned to support the company in the implementation of several photovoltaic and wind projects, amounting a total capacity of 190 MW.

The EBRD launched its renewable energy framework worth EUR 300 million earlier this year. The main purpose of the fund is "to finance investments in electricity generation from renewable sources and in electricity distribution and transmission capacity to improve efficiency, reduce losses and enable the integration of renewables into the grid", the Bank explained.

The programme was introduced in Greece shortly after a market-based renewable energy support scheme was established in the country. The scheme includes competitive auctions to replace fixed-price feed-in tariffs. Elpe Renewables - a subsidiary of Hellenic Petroleum, active in the renewable energy business, already submitted successful bids for three photovoltaic power plants in the first such auction and has more projects under preparation.

"The EBRD’s Framework is designed to support Greece in realizing its huge potential for renewable energy. Strengthening solar, wind, biomass and geothermal sources will lessen the dependence on fossil fuels and imports", the Bank further clarified.

"We are very pleased to support Hellenic Petroleum in diversifying their business into renewable energy. Our new renewables support scheme in Greece lays a sustainable foundation for the development of the sector, in particular by using a competitive mechanism.

The success of such a strong and experienced company as Hellenic Petroleum is a real endorsement for that mechanism", Harry Boyd-Carpenter, EBRD Director, Power and Energy Utilities, said.

"The EBRD has been a long-standing partner of Hellenic Petroleum and this transaction presents us with another opportunity to increase the scope of our cooperation.

The EBRD’s commitment to Greece and the renewables sector is aligned with our own strategy and supports economic growth and investment in the country", Andreas Shiamishis, Deputy CEO & CFO of Hellenic Petroleum, added.