EIB lends support to windfarms in Greece

TAGS: Finance, Energy

The European Investment Bank on Thursday announced the signing of a 24-million-euro financing agreement with Greece’s Terna Energy Group to help fund the development, construction and operation of two windfarms on Mount Vermio in northern Greece.

Alpha Bank acted as co-lender, providing an equivalent amount of long-term debt next to a medium-term VAT facility.

The EIB loan is backed under the European Union budget guarantee of the European Fund for Strategic Investments (EFSI), the financial instrument of the Investment Plan for Europe.

This is the second such agreement with Terna following one in July 2017 to finance windfarms in Viotia.

The two windfarms will have a combined operating capacity of 44.4 megawatts per annum, divided between Eressou Ipsoma-Fourka (operating capacity 36 MW) and Lefkes-Kerasia (operating capacity of 8.4 MW).

Combined, they will host 22 wind turbines installed on complex high-altitude terrain (exceeding 1,400 meters).