The European Investment Bank (EIB) has agreed to provide a loan of €24m for the development of two wind farms in Greece totalling 44MW.
Image: EIB to support Greece in the construction of two wind farms. Photo: Courtesy of Matt Artz/Unsplash
This loan will be provided to Terra Energy Group and it is the latest operation of EIB in Greece backed under the European Fund for Strategic Investments (EFSI), which is the financial instrument of the Investment Plan for Europe.
This is the second such agreement with Terna following one last July to finance windfarms in the Viotia region.
The funding will be used for the development, construction and operation of two wind farms, which will be constructed on Mount Vermio in Northern Greece.
The two wind farms include the Eressou Ipsoma-Fourka with 36MW and Lefkes-Kerasia with 8.4MW generating capacity.
These two wind farms will include 22 turbines in total and are claimed that they will be installed on complex high altitude terrain (exceeding 1400m). Each turbine will generate 2MW of clean energy. They will be connected to the transmission grid via a new MV/HV Substation and respectively 8.5 km and 16km of MV underground cable.
EIB vice president Jonathan Taylor said: “As promised last year, 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 has enabled us to do even more. This project is precisely the kind of operation the Investment Plan for Europe was designed to support.”