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European Investment Bank backs renewable energy investment across Greek islands

Staff Writer |
Renewable energy generation across Greek islands and on the mainland of the country will be strengthened under a new investment programme by PPC Renewables backed by the European Investment Bank.

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A new EUR 85 million European Investment Bank (EIB) loan signed in Athens today will support both the repowering of wind parks and small hydropower stations and construction of new hydropower plants and wind parks across the country.

This represents the largest ever support for renewable energy investment in Greece by the European Investment Bank, the world’s largest financier for renewable energy.

The finance contract for the EUR 85 million EIB loan was signed in Athens earlier today by Nicholas Jennett, Deputy Director General and Head of Investment Team for Greece on behalf of the European Investment Bank and Manolis Panagiotakis, Chairman, and Ilias Monacholias, CEO, on behalf of PPC Renewables.

The new renewable energy programme will support investment at small scale windfarms at sites across the country, including on the islands of Kefallonia, Chios, Lesvos, Crete, Mykonos, Samos, Evia, Limnos, Karpathos, Ikaria, Tinos, Psara and on the mainland in Karditsa.

This includes repowering of existing windfarms, some of which have been operational for more than 25 years, as well as construction of small scale windfarms at new sites.

Additionally, the new renewable energy programme will support the repowering of two old small hydro-power stations, (one located in Arta - the Louros project - and one located in Vermio, northern Greece as well as two new small hydro power stations, one located in Smokovo and the other in Makrohori, central Greece.

Once complete the scheme will increase generation of renewable energy in Greece by 90 MW and make a significant contribution to both national and European renewable energy objectives.

Development, construction and operation of the individual renewable energy projects is expected to be completed over the next two years.

Expansion of renewable energy is a strategic priority for PPC Group and the new cooperation between PPC Renewables and the EIB will help the PPC Group to achieve its strategic aim to become a major supplier of green energy in Greece.

New investment to improve existing and develop new wind farms will enhance energy self-sufficiency, create new employment opportunities and benefit local communities.

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