The European Bank for Reconstruction and Development  (EBRD) announced the establishment of an investment framework worth EUR 300 million to finance renewable energy projects in Greece.

The Greek Renewable Energy Framework (GREF) will also finance electricity grid modernization and expansion investments that enable renewables integration in the Greek system.

GREF responds to the country’s target to add 2.4 GW of new renewable energy capacity by 2020 and the recent adoption of a new more market-based renewable energy support scheme, which includes a transition to an auction-based price-setting mechanism.

GREF will contribute to Greece meeting its renewable energy targets and achieving carbon emission reductions directly through financing projects in renewable electricity generation (especially through the new auction scheme), as well as indirectly, by supporting the grid infrastructure that enables improved penetration of renewable plants into the Greek system, according to EBRD.