Terna Energy finances 48 MW wind projects in Greece

TERNA ENERGY, member of GEK TERNA Group, has announced that it has reached an agreement with EBRD and Piraeus Bank S.A. for the issuance of a €60 million bond loan.

The financing comprises a €50 million (US$53 million) bond loan to be subscribed by EBRD and a €10 million (US$11 million)bond loan to be subscribed by Piraeus Bank and it will finance part of TERNA ENERGY’s investment plan for the development of new Renewable Energy Sources projects in Greece. Specifically, the bond loan will finance the development, construction and operation of 48 MW of wind farms in Central Greece.

The projects are located in an area called Dervenochoria (a complex of small villages relatively close to Athens) in Viotia, Central Greece. The three wind farms are the following

• Plagia Psiloma 14,9 MW
• Mougoulios 16,5 MW
• Mavroplagia Kastro 17,2 MW

Watson Farley & Williams (WFW) advised the EBRD on the €50 million (US$53 million) Greek law financing and Piraeus Bank on the €10 million (US$11 million) Greek law parallel financing. EBR noted:

“This transaction is not only our first investment in the Greek electricity sector, it also marks the transition to a new market-based scheme for renewable energy which helps deliver clean energy to end-users at a lower price. We are very pleased to support Terna Energy’s wind projects alongside Piraeus Bank and we hope that this investment will lay the groundwork for a deeper involvement in the Greek electricity market"