The facility of the European Bank for Reconstruction and Development (EBRD) will finance investments in electricity generation from renewable sources and in electricity distribution and transmission capacity. Goal is to improve efficiency, reduce losses and enable the integration of renewables into the grid.
Auctions since 2016
It follows the establishment by Greece in 2016 of a new, more market-based, renewable-energy support scheme that introduces competitive auctions to replace fixed-price feed-in tariffs. It will also contribute to the country’s target of adding 2.4 GW of new renewable energy generation capacity by 2020.
Mobilising additional investment
The EBRD’s new framework will focus on mobilising much-needed investment and commercial financing to support Greece exploit its huge potential for renewables, including solar, wind, biomass and geothermal power. Strengthening renewable sources of energy will lessen Greece’s dependence on fossil fuels and imports. The framework is expected to result in annual emissions savings of 500,000 tonnes of carbon dioxide equivalent.
Supporting energy security
Harry Boyd-Carpenter, the EBRD’s new Director for Power and Energy, said: “This framework marks a milestone in our engagement in Greece. It provides us with the opportunity to play an important role in ensuring that the country’s new renewables scheme is successful and thus supporting Greece’s energy security and carbon-reduction goals. The EBRD renewable energy framework will make the Greek economy greener, more resilient and more competitive.”
Green economy transition approach
Sub-projects under the framework will have to be 100 per cent compliant with the EBRD Green Economy Transition approach. Under this strategic goal the EBRD aims to raise its annual business investment in green energy to 40 per cent by 2020. “Green” is among the six transition qualities the Bank has identified as the characteristics of a successful economy, along with competitiveness, inclusion, good governance, resilience and integration.
The EBRD started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. To date, the Bank has invested some €850 million in 17 projects in the financial, energy, infrastructure and agribusiness sectors of the Greek economy. (HCN)
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https://www.pveurope.eu/financing/fronius-establishes-subsidiary-greece-main-focus-repowering
