European Bank for Reconstruction and Development (EBRD) is investing in Greece by providing funds that are to go to helping develop Greece’s renewable energy sector.
According to a publishing on Friday by powerengineeringint.com, “EBRD is to provide $318m (€300m) in funding for renewable energy projects in Greece, aimed at mobilizing investment and commercial financing for the projects.”
The aim of the financial injection is to help the financially struggling country reach its target of creating an additional 2.4 GW of new green-energy generation capacity by the end of 2020.
Projects that are under consideration in order to reach this ambitious goal include renewable energy projects revolving around solar, wind, biomass and geothermal power. One example up for discussion is the 43MW wind farm project developed by the Greek renewable energy developer and electricity operator, Volterra.
Sources report that renewable energy project such as the above mentioned will result in a savings of some 500,000 tons of carbon dioxide equivalent in annual emissions.