The European Bank for Reconstruction and Development (EBRD) has approved a funding of €300m to support renewable energy projects in Greece.

To boost renewable energy investments in the country, the EBRD board of directors has approved a framework that will help to mobilize investment and commercial financing for the projects.

EBRD’s framework will assist Greece in achieving its target of adding 2.4GW of new green-energy generation capacity by 2020.

The funding will be used for the development of renewable projects such as solar, wind, biomass and geothermal power, helping Greece to reduce its dependence on fossil fuels and imports.

Under the new framework, the EBRD is considering to finance the 43MW wind farm project developed by Volterra.

Volterra is a Greek renewable energy developer and electricity operator, which is owned by the Greek construction company J&P Avax.

According to EBRD, the framework is expected to result in annual emissions savings of 500,000 tonnes of carbon dioxide equivalent.

EBRD power and energy new director Harry Boyd-Carpenter 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.”

The bank has already invested around €850m in 17 projects in the financial, energy, infrastructure and agribusiness sectors of the country.

Image: The EBRD will sponsor around €300m for the renewable energy projects in Greece. Photo: courtesy of European Bank for Reconstruction and Development.