Renewables

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

Terna Energy

Photo: Terna Energy Group

Published

July 20, 2018

Country

Comments

0

Share

Published:

July 20, 2018

Country:

Comments:

0

Share

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

Monsson-merge-wind-farm-PV-unit-Romania-hybrid-power-plant-storage

Monsson to merge its wind farm, PV unit in Romania into hybrid power plant with storage

20 February 2024 - Monsson Group is developing a hybrid wind-solar-storage project with the largest battery energy storage system in Romania

kozloduy hyndai nuclear unit

Hyundai shortlisted for installing new nuclear units in Kozloduy

20 February 2024 - Bulgaria has called on potential contractors to express interest in the construction of a new nuclear power plant with AP1000 technology

GGF UniCredit Bank Serbia EUR 50 million renewables loan

GGF deepens cooperation with UniCredit Bank Serbia with EUR 50 million renewables loan

20 February 2024 - UniCredit Bank Serbia obtained a EUR 50 million loan from GGF for utility-scale renewables projects, strengthening its ties with the fund

EU approves EUR 6 9 billion state aid for hydrogen infrastructure

EU approves EUR 6.9 billion in state aid for hydrogen infrastructure

19 February 2024 - Strategic hydrogen project IPCEI Hy2Infra, which seven EU member states developed jointly, got a green light from the European Commission