The European Investment Bank (EIB) has agreed to provide €24m in finance to Terna Energy Group for the development, construction and operation of three wind parks in Viotia, Greece.

Eurobank Ergasias also contributed to the loan, which is supported by the EU budget guarantee under the European Fund for Strategic Investments (EFSI).

The three wind farms will have the potential to generate 48.6 MW of electricity. The project includes the construction and installation of 18 turbines, eight for one wind farm and five for each of the other facilities.

The wind facilities, situated in Dervenochoria and Tanagra in Viotia, will connect two substations via an underground cable of length 16.5km.

Mounted at an altitude of between 800 m and 1000 m above sea level, the wind parks will produce over 120GWh annually.

EIB vice president Jonathan Taylor said: “The EIB is committed to financing green energy projects across the European Union. We are particularly pleased that this project promotes renewable and clean energy for the people of Greece, but it also enhances energy security and will help the country meet its renewable energy targets.

“This is precisely the kind of operation the Investment Plan for Europe was designed to support. Looking ahead, the EIB is following developments in the Greek electricity sector and stands ready to finance sound projects that fulfill its criteria and EU energy policies.”

European Commission vice president Jyrki Katainen said: "Today's agreement is another clear demonstration of the Commission's commitment to supporting the mobilisation of investments in Greece that will contribute to securing the country's recovery.

“It also shows how the Investment Plan contributes to achieving the Commission's wider strategic objectives, in this case facilitating Europe's transition to a low-carbon economy."