Greece

Greek sector backed by EBRD funds

10 March 2017 by David Weston

GREECE: The European Bank of Reconstruction and Development has arranged to provide €300 million to the Greek renewable energy sector.

The Greek renewables sector can access support from the EBRD

The framework, approved by the EBRD board, will help finance new generation and electricity infrastructure projects.

"It follows the establishment by Greece in 2016 of a new, more market-based, renewable-energy support scheme that introduces competitive auctions to replace fixed-price feed-in tariffs," the EBRD said.

Greece is targeting 2.4GW of new renewable capacity by 2020, the bank added.

Local utility Volterra is planning a 43MW wind project, which could be one of the first projects to received support from the EBRD's new funding framework.

According to Windpower Intelligence, Greece has around 2.3GW of installed wind capacity, after adding 159MW in 2016.