Energy Efficiency

EIB: New EUR 100 million energy efficiency investment in Greece


Photo: Pixabay


April 11, 2018






April 11, 2018





European Investment Bank (EIB) and Piraeus Bank are partnering in order to trim energy costs for companies in Greece by EUR 100 million through new energy efficiency investments in the country.

This initiative is the first in Greece under the Private Finance for Energy Efficiency program and represents the largest energy efficiency financing initiative to date in any European country.

According to the EIB statement, under this initiative, new investments to reduce energy consumption by small-scale energy users will be financed across the country through the dedicated energy efficiency lending scheme.

The EUR 100 million loan will be used by Piraeus Bank for the financing of new investment improving the energy efficiency in existing buildings, outdoor lighting and water pumping stations.

According to the statement, the risk protection will cover 80 percent of Piraeus Bank’s potential losses under these loans up to a maximum agreed amount. Piraeus Bank will also benefit from the technical and financial expertise of the EIB during the start of the operation for assistance in the identification and appraisal of energy efficiency investments and capacity building support.

The goal of the new investment is to improve energy efficiency reduces energy bills, cuts carbon emissions and creates jobs, said Jonathan Taylor, European Investment Bank Vice President. He added that the initiative will be strengthened by the local knowledge and Piraeus Bank’s professional expertise.

Christos Megalou, Chief Executive Officer of Piraeus Bank, said that the EUR 100 million agreement, the only one in Greece and the largest provided by European Investment Bank under Private Finance for Energy Efficiency (PF4EE) in Europe, strengthen support for green entrepreneurship and focus on sustainable development.

This new cooperation with Piraeus Bank in Greece represents the eighth partnership with a European bank to support energy efficiency investments under the Private Finance for Energy Efficiency financial instrument. The European Investment Bank engagement is supported by the European Commission, under the LIFE program.

The Private Finance for Energy Efficiency initiative is a pilot intended to increase the availability of debt financing to eligible energy efficiency investment in Europe.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

EU energy ministers targets renewables energy efficiency

EU energy ministers aiming at more ambitious renewables, energy efficiency targets

28 June 2022 - The Council of the EU wants to boost the renewables and energy savings targets via the Fit-for-55 package, which depends on upcoming talks

Skrekas Greece triple LNG storage renewable energy capacity

Skrekas: Greece to triple LNG storage, renewable energy capacity

27 June 2022 - Minister of Environment and Energy Kostas Skrekas said the government would mobilize over EUR 44 billion for Greece's energy sector by 2030

Austria ban gas boilers new buildings next year

Austria to ban gas boilers in new buildings in 2023

15 June 2022 - Austria is phasing out fossil fuels in heating, starting with a ban on the installation of gas boilers in new buildings from next year

MRE-GIZ-prosumers-project-june 2022

Germany’s GIZ to help Serbia make renewables available to everyone

09 June 2022 - Minister Zorana Mihajlović signed an agreement with GIZ on the Promotion of Renewable Energy and Energy Efficiency in Serbia