The European Bank for Reconstruction and Development (EBRD) has provided €28.3m to help Hellenic Petroleum diversify into renewable energy in Greece.
The EBRD subscribed to bonds issued by Hellenic Petroleum that will support a pipeline of wind and solar projects totalling 190MW.
The total volume of the bond issuance was €450m in two tranches, with the EBRD subscribing to the second tranche of €74.5 million alongside the Black Sea Trade and Development Bank and other institutional investors.
The EBRD investment is part of its €300m Greek Renewable Energy Framework, which was launched in March 2017 to finance investments in renewables and in electricity distribution and transmission capacity.
Hellenic Petroleum has set up a clean power subsidiary called Elpe Renewables to develop the projects in Greece.
EBRD director, power and energy utilities Harry Boyd-Carpenter said: “We are very pleased to support Hellenic Petroleum in diversifying their business into renewable energy.
“Our new renewables support scheme in Greece lays a sustainable foundation for the development of the sector, in particular by using a competitive mechanism.”
Image: Pixabay
Europe funds Greek green growth
Hellenic Petroleum issues bonds to finance 190MW of wind and solar
By EBS