Renewables

Piraeus Bank joins EUR 650 million EIB green infrastructure investment program

Photo: Pixabay

Published

September 12, 2019

Country

Comments

0

Share

Published:

September 12, 2019

Country:

Comments:

0

Share

Piraeus Bank has agreed to support a new EUR 650 million infrastructure investment program developed by the Hellenic Ministry of Development and Investments and the European Investment Bank (EIB).

Piraeus is the second leading Greek bank to confirm participation with the scheme, after the National Bank of Greece.

Piraeus Bank will identify and invest in new clean energy projects including wind farms, photovoltaic installations, biomass and biogas plants, and hydroelectric power stations. New investment to improve energy efficiency in the public and private buildings will also be examined, the EIB said in a press release.

Piraeus Bank will initially use EUR 32 million from the new fund to support investment in projects across Greece

Piraeus Bank will initially use EUR 32 million from the new fund to support investment in projects across Greece while projects will be able to apply for new financing under the initiative in the coming weeks.

The new infrastructure scheme will provide financing of EUR 450 million unlocking total investments of at least EUR 650 million for sustainable projects

The Hellenic Ministry of Development and Investments established the Infrastructure Fund of Funds with the EIB with the aim of maximizing the impact of grants from European Structural and Investment Funds, along with national funds sourced from an EIB loan and proceeds returned from previous urban investment under the JESSICA initiative.

Once fully operational, the new infrastructure scheme will provide financing of EUR 450 million unlocking total investments of at least EUR 650 million for sustainable projects across priority sectors.

“We have signed this new agreement for Piraeus Bank’s participation in the Infrastructure Fund of Funds with the intention to finance projects in the fields of renewable energy, energy efficiency and urban development,” Piraeus Bank CEO Christos Megalou said.

EIB Vice President responsible for Greece Andrew McDowell said that the program will accelerate clean energy investment, improve energy efficiency and more importantly enable completion of projects delayed in recent years.

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

Kosovo-outlines-energy-transition-2031-strategic

Kosovo* outlines energy transition until 2031 in strategic document

24 March 2023 - Kosovo* aims at 1.6 GW in renewables capacity by 2031, with 340 MWh in batteries. It opted to reconstruct at least three coal plant units.

Medeja Loncar Siemens sustainable development expenditure investment future

At Siemens, sustainable development is no expenditure but investment in future

07 March 2023 - Circular economy can bring Serbia 30,000 new jobs and increase its economy's competitiveness, CEO of Siemens Serbia Medeja Lončar said

George Papanastasiou New energy environment ministers names unveiled in Cyprus

New energy, environment ministers’ names unveiled in Cyprus

28 February 2023 - Business executive George Papanastasiou is replacing Minister of Energy, Trade and Industry Natasa Pilides

EUSEW Apply include your event in Sustainable Energy Days

EUSEW: Apply to include your event in Sustainable Energy Days

22 February 2023 - Sustainable Energy Days is a set of events from next month to June under the umbrella of the European Sustainable Energy Week (EUSEW)