Terna secures financing from EIB, Alpha for two wind farms in Greece

Terna Energy

Photo: Terna Energy Group


July 20, 2018






July 20, 2018





Greece’s Terna Energy Group has secured financing for the construction of two 44 MW wind farms on Mt. Vermio in northern Greece. The European Investment Bank (EIB) extended a EUR 24 million loan, while Alpha Bank acted as co-lender providing an equivalent amount of long-term debt next to a medium-term VAT facility.

The EIB’s loan is backed under the EU budget guarantee of the European Fund for Strategic Investments (EFSI), the financial instrument of the Investment Plan for Europe, the European Commission (EC) said in a press release, adding that this is the second such agreement with the Greek renewable energy company following one last July to finance wind farms in the Viotia region.

The Eressou Ipsoma-Fourka wind farm will have a capacity of 36 MW and the Lefkes-Kerasia wind farm 8.4 MW. The two comprise 22 wind turbines installed on complex high altitude terrain (exceeding 1,400 m), and will be connected to the transmission grid via a new MV/HV substation and respectively 8.5 km and 16 km of MV underground cable.

This is the second EFSI operation where the EIB is undertaking direct project risk via a limited recourse, project finance structure.

It is a testament to the continued EIB support to the Greek electricity sector in general and the promotion of renewables, in line with EU policies, in particular, the EC said.

“The Bank is particularly committed to financing green energy projects across the Union and the EFSI has enabled us to do even more. This project is precisely the kind of operation the Investment Plan for Europe was designed to support,” Jonathan Taylor, EIB Vice-President responsible for lending in Greece, said.

Terna Energy Group owns and operates wind farms in several regions in Greece since 1997, while since 2011 company has been operating wind farms in Poland, Bulgaria, and the US.

Terna Energy Group is a member of GEK Terna Group.

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

Turkey new energy storage regulation to spur unseen investment boom

Turkey’s new energy storage regulation to spur unseen investment boom

30 November 2022 - EMRA Chair Mustafa Yılmaz said applications came in for storage in combination with renewables with a stunning 67.3 GW in total capacity

HERMANN Petr_interview_Schneider Electric BGEN

Future of successful businesses relies on their digital transformation

30 November 2022 - Digitalisation changes everything because it connects all processes and provides a complete result, notes Petr...

Serbia relies on Norwegian expertise in energy sector development

Serbia to rely on Norwegian expertise in energy sector development

30 November 2022 - Serbia received recommendations from Rystad Energy and will work by its instructions, President Aleksandar Vučić said

Greece remains world most attractive renewable energy markets RECAI

Greece remains among world’s most attractive renewable energy markets

29 November 2022 - EY kept Greece and Turkey in its Renewable Energy Country Attractiveness Index of 40 countries. In another ranking, Greece is second in the world!