BUSINESS

EBRD approves funding for green energy projects in Greece

TAGS: Energy, Banking

Greece will get more funding from the European Bank for Reconstruction and Development (EBRD) after its board approved up to 300 million euros to fund renewable energy projects.

Greece is heavily dependent on imported fossil fuels and the EBRD aims to mobilize much-needed investment and financing to help exploit the country’s huge potential for renewables, including solar, wind, biomass and geothermal power.

The new facility will finance investments in electricity generation from renewable sources, power distribution and transmission capacity to improve efficiency and enable the integration of renewables into the electricity grid.

[Reuters]

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