The European Investment Bank (EIB) has signed a €24 million financing agreement with the Greek Terna Energy Group to help fund the development, construction and operation of two windfarms on Mount Vermio in northern Greece, the European Commission said on July 19.
EU Economic and Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici noted that after Greece exits its stability support programme on August 20, the Mediterranean country will stand on its own two feet – but the European Commission will continue to stand by its side, including financially. “Today’s (July 19) announcement is a concrete example of how the Juncker Plan is helping to modernise Greece’s energy infrastructure, supporting growth and job creation along the way,” Moscovici said.
The EIB’s loan is backed under the EU budget guarantee of the Juncker Plan’s European Fund for Strategic Investments (EFSI). This is the second such agreement with Terna following one last July to finance windfarms in the Viotia region, and it comes the day after the Commission and the EIB announced that the Juncker Plan has exceeded its original €315 billion investment target, reaching €335 billion in investment across the EU.
Greece is currently ranked top in terms of EFSI-triggered investment relative to GDP, with €10.6 billion in investment mobilised as of July 2018.