The European Bank for Reconstruction and Development (EBRD) on Thursday announced the approval of a finance framework for Greece worth 300 million euros, aimed at funding renewable energy investments in the country.
The European Bank for Reconstruction and Development (EBRD) on Thursday announced the approval of a finance framework for Greece worth 300 million euros, aimed at funding renewable energy investments in the country.
EBRD's board announced that the facility will finance investments in power generation from renewable sources and in electricity distribution as well as transmission capacity to improve efficiency, reduce losses and enable the integration of renewables into the grid.
In a press release, the development noted that the decision "... 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 green-energy generation capacity by 2020.
"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."