The European Bank for Reconstruction and Development (EBRD) has committed to inject €300m in Greece to boost the country’s renewable energy generation.
In this regard, the EBRD board has approved a framework that will help in the funding of Greek renewable energy projects.
The funding will cover investments needed for generating renewable power and for enhancing electricity distribution as well as transmission capacity. It will also be used for the integration of the generated renewable power into the electric grid.
EBRD power and energy 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.”
EBRD’s funding is also expected to play its part in helping Greece in its target of adding a further 2.4GW in clean energy generation capacity by 2020.
It is likely to help Greece in bringing down 500,000 tons of carbon emissions every year as well.
One of the early beneficiaries of the EBRD framework is likely to be the 43MW wind farm project jointly developed by renewable energy developer Volterra and construction company J&P Avax.
The EBRD stated that the sub-projects under its framework will have to be completely compliant with its Green Economy Transition approach. Through this strategic objective, EBRD is looking to increase its yearly business investment in clean energy to 40% by 2020.
Elsewhere in Kazakhstan, EBRD has committed to invest €200m to support the country’s renewable energy projects.