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EBRD - RRF Co-Financing Framework in Greece

EBRD signs first project under Greek Renewable Energy Framework

The European Bank for Reconstruction and Development (EBRD) is working with the government of Greece to support the implementation of the country’s Recovery and Resilience Plan (RRP) and the subsequent deployment of funding to the Greek economy.

The programme will combine up to 500 million of RRF concessional loans managed by the EBRD, up to 500 million of EBRD commercial financing and financing from private investors and commercial banks to achieve significant multiplier effects. It is expected to continue until the end of 2025. The EBRD signed an Operational Agreement with the Greek Ministry of Finance on Monday 29 November 2021. 



Strategic pillars

  • Green
  • Digital
  • Exports
  • R&D
  • Mergers, acquisitions & partnerships


Eligible instruments

• Mainly CapEx senior loans (working capital up to 30% of eligible costs) and/or corporate bonds purchases.

Eligible investment plan

• Eligible list of expenditures.
• Compliance at project level with Do No Significant Harm (DNSH) principle.
• Compliance with (at least 1 of) 5 eligibility criteria / strategic pillars & RRF loan quota.
• Compliance at project level with EU state aid rules.

Eligible borrowers and co-lenders

• Eligible borrowers: A private company implementing the eligible project in the territory of the Hellenic Republic on commercial terms (large corporates, midcaps, and SMEs).
• Eligible co-lenders: commercial banks and/or other co-financiers.

Sponsor equity

• At least 20% of the total estimated project costs have to be covered by a cash or in-kind contribution by the project sponsors.

Eligibility with DNSH principle

Sustainability proofing: For projects above 10 million of project costs, it requires the application of the Commission's technical guidance on sustainability proofing for the InvestEU Fund in the dimensions of climate and environment.
List of excluded activities*
• Activities and assets related to fossil fuels, including downstream use;
• Activities and assets under the EU Emission Trading System (ETS) achieving projected greenhouse gas emissions that are not lower than the relevant benchmarks;
• Activities and assets related to waste landfills, incinerators and mechanical biological treatment plants; and
• Activities and assets where the long-term disposal of waste may cause harm to the environment.
Verification of legal compliance: Requires the verification of legal compliance with the relevant EU and national environmental legislation of the projects for all transactions.
* in exceptional cases, subject to stringent conditions these activities might still be eligible.

Compliance with EU State Aid rules

• The EBRD Tranche (minimum 30% of total project costs) at market rates.
• The minimum pricing that the EBRD can charge on the RRF Tranche will be set by the Greek authorities at a fixed interest concessional rate.
• The RRF Tranche’s pricing will be subject to a compliance check with EU state aid rules.

• The application for the RRF tranche will have to contain at least the following information, as required under Article 6 of the General Block Exception Regulation (GBER):

(a) undertaking's name and size;

(b) description of the project, including its start and end dates;

(c) location of the project;

(d) list of project costs;

(e) the indicative amount of the concessional loan tranche.


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