EBRD invests in GEK TERNA’s new bond issuance in Greece

• EBRD €50 million investment in GEK TERNA’s €500 million bond issuance
• Proceeds to finance renewable energy, battery storage, social infrastructure and water projects in Greece, Romania, Albania and Kosovo
• Investment promotes gender inclusion and private-sector participation in PPPs

The European Bank for Reconstruction and Development (EBRD) is investing €50 million in a senior unsecured bond issued by GEK TERNA S.A., holding company of GEK TERNA Group in Greece. The €500 million bond, with a seven-year tenor, will be listed on the Athens Stock Exchange.

The EBRD’s investment will be used to support GEK TERNA’s projects in renewable energy generation, battery storage systems, social infrastructure, and water supply and wastewater across Greece, Romania, Albania, and Kosovo.

The overall proceeds of the bond will be used to finance the issuer’s business activities, including in the infrastructure and energy sectors, and to refinance the issuer’s and its subsidiaries’ debt and finance costs of the bond issuance.

As part of this investment and the ongoing partnership with the EBRD, GEK TERNA is expected to increase women’s participation in the workforce and internship programmes, as well as to launch annual events at schools and universities to attract young talent, particularly women, to the sector.

The bond also facilitates private-sector participation in strategic public-private partnerships (PPPs) in Greece and other countries. These initiatives may include projects developed under the EBRD-supported Greek PPP Preparation Facility (GPPF) which is designed to promote implementation of international best practices, Paris Agreement alignment, and environmental, social and governance standards.

GEK TERNA Group is a leading infrastructure group incorporated in Greece and active in concessions, energy and construction, with operations in Greece, central and south-eastern Europe.

This transaction builds on the EBRD’s longstanding partnership with GEK TERNA and the Bank’s continued support for the development of Greece’s capital markets and sustainable infrastructure.

The EBRD started operating in Greece on a temporary basis in 2015 to support the country’s economic recovery following its economic crisis. To date, the Bank has invested more than €8.5 billion in about 120 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.