EIB provides €24 million financing for Terna's wind farms

European Investment Bank (EIB) and Eurobank Ergasias, acting as co-lenders, have provided Terna Energy a €24 million  (US$ 28 million) loan financing for the development, construction and operation of three wind farms in central Greece.

The wind farms, located in Dervenochoria and Tanagra in Viotia in central Greece, consist of 18 wind turbines in total, with a combined installed capacity of 48.6 MW and will be connected to two existing substations through underground cabling. 

This loan is part of the “Juncker Plan”, the Investment Plan for Europe, and benefits from the support of the EU budget guarantee under the European Fund for Strategic Investments (EFSI).

Watson Farley & Williams acted as financial advisor for Terna Energy.

Jonathan Taylor, EIB Vice-President responsible for lending in Greece, commented:

“The EIB is committed to financing green energy projects across the European Union. We are particularly pleased that this project promotes renewable and clean energy for the people of Greece, but it also enhances energy security and will help the country meet its renewable energy targets. This is precisely the kind of operation the Investment Plan for Europe was designed to support. I am delighted about this further step to bring the benefits of the European Fund for Strategic Investments to Greece. Looking ahead, the EIB is following developments in the Greek electricity sector and stands ready to finance sound projects that fulfil its criteria and EU energy policies.”

The projects are expected to generate more than 120 GWh on an annual basis for the Greek electricity system. Located on top of neighbouring mountain ridges north-west of Athens, and at an altitude of between 800 m and 1 000 m above sea level where the wind resource is excellent, the wind park should generate more than 120 GWh per year for the Greek electricity system.