Juncker Plan financing for windfarms in Greece: EIB signs EUR 24m loan with Terna Energy Group
The European Investment Bank (EIB) has signed a EUR 24m financing agreement with Greece’s Terna Energy Group to help fund the development, construction and operation of three windfarms in Viotia, central Greece. Eurobank Ergasias acted as a co-lender. The EIB’s loan benefits from the support of the EU budget guarantee under the European Fund for Strategic Investments (EFSI), the financial instrument of the Investment Plan for Europe.
“The EIB is committed to financing green energy projects across the European Union. We are particularly pleased that this project promotes renewable and clean energy for the people of Greece, but it also enhances energy security and will help the country meet its renewable energy targets. This is precisely the kind of operation the Investment Plan for Europe was designed to support. I am delighted about this further step to bring the benefits of the European Fund for Strategic Investments to Greece. Looking ahead, the EIB is following developments in the Greek electricity sector and stands ready to finance sound projects that fulfil its criteria and EU energy policies,” said Jonathan Taylor, EIB Vice-President responsible for lending in Greece.
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “Today’s agreement is another clear demonstration of the Commission’s commitment to supporting the mobilisation of investments in Greece that will contribute to securing the country’s recovery. It also shows how the Investment Plan contributes to achieving the Commission’s wider strategic objectives, in this case facilitating Europe’s transition to a low-carbon economy.”
The project consists of the development, construction and operation of three windfarms with a combined installed capacity of 48.6 MW in Viotia in central Greece. A total of 18 turbines – eight for one location and five for each of the other two – will be built. The windfarms, located in Dervenochoria and Tanagra in Viotia in central Greece, will connect to two existing substations through approximately 16.5 km of underground cabling.
Located on top of neighbouring mountain ridges north-west of Athens, and at an altitude of between 800 m and 1 000 m above sea level where the wind resource is excellent, the wind park should generate more than 120 GWh per year for the Greek electricity system.