Climate Action

European Investment Bank commits €24m to Greek wind farms

The European Investment Bank (EIB) is financing two onshore wind farms in northern Greece with a 24 million euro loan.

  • 19 July 2018
  • Adam Wentworth

The European Investment Bank (EIB) is financing two onshore wind farms in northern Greece with a 24 million euro loan.

The investment will support Terna Energy Group construct and operate 44.4 megawatts of renewable power.

Two projects will contain 22 turbines built at altitudes of over 1,400 metres. A similar loan was agreed with Terna last year to develop 48.6 megawatts of wind power near Athens.

As of 2016, Greece sources 15 percent of its energy from renewable sources with a target to reach 18 percent by 2020.

The loan forms part of the Investment Plan for Europe, a successful initiative from President Jean-Claude Juncker to boost economic activity across the European Union. The plan has already exceeded its initial target to mobilise 315 billion euros over the past three years. The initiative is on course to create 1.4 million jobs and raise the EU’s GDP by 1.3 percent by 2020.

Jonathan Taylor, the EIB’s Vice-President for lending in Greece, commented: “We have followed developments in the Greek energy sector and remain ready to step in to finance sound projects that meet our criteria and respond to EU energy policies”.

“The Bank is particularly committed to financing green energy projects across the Union and the EFSI (European Fund for Strategic Investments) has enabled us to do even more. This project is precisely the kind of operation the Investment Plan for Europe was designed to support.”

Pierre Moscovici, the European Commission’s economics chief, said: "After Greece exits its stability support programme on 20 August, the country will stand on its own two feet – but the European Commission will continue to stand by its side, including financially. Today's announcement is a concrete example of how the Juncker Plan is helping to modernise Greece's energy infrastructure, supporting growth and job creation along the way."