Greek Renewable Energy Framework

Location:

Greece

Project number:

49024

Business sector:

Power and energy

Notice type:

Private

Target board date:

08 Mar 2017

Status:

Board Approved

PSD disclosed:

06 Feb 2017

Sub-projects signed under this framework

Translated version of this PSD: Greek

Project Description

EBRD's Greek Renewable Energy Framework (GREF) is an investment framework for EBRD's financing of (i) Greek renewable energy projects and (ii) electricity grid modernisation and expansion investments that enable renewables integration in the Greek system. GREF comes at a crucial time for renewables in Greece. GREF responds to the country's target to add 2.4 GW of new renewable energy capacity by 2020 and more specifically, the recent adoption of a new more market-based renewable energy support scheme, which includes a transition to an auction-based price-setting mechanism. The Bank has the opportunity to play a role in ensuring that this new scheme is successful and thus supporting Greece's energy security and carbon reduction goals.

Project Objectives

The GREF will:

  • Demonstrate the Bank's commitment to support renewable energy in Greece under a newly established market-based support scheme.
     
  • Support network operators in building both the physical and operational capacity to accept and manage large and medium scale penetration of renewable energy, including addressing issues of grid access and capacity
     
  • Deliver coordinated policy dialogue efforts and messages

Transition Impact

GREF will contribute to Greece meeting its renewable energy targets and achieving carbon emission reductions: (i) directly through financing projects in renewable electricity generation especially through the new auction scheme, as well as (ii) indirectly, by supporting enabling grid infrastructure for improved penetration of renewable plants into the Greek system.

Client Information

Each sub-project under GREF will have its own client from the private or public sector.

EBRD Finance Summary

EUR 300,000,000.00

Total Project Cost

EUR 300,000,000.00

Environmental and Social Summary

Under the 2014 E&S Policy, the Framework itself will not be categorised and each sub-project will be subject to full project and sponsor-specific environmental and social due diligence with the support of an independent consultant. On the basis of this, each sub-project will be individually reviewed and categorised and due diligence will be undertaken accordingly with project-specific disclosure requirements.

Technical Cooperation

None.
 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

General enquiries

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.