October 3 (Renewables Now) - PPC Renewables SA has signed a secured bond loan agreement worth EUR 17.5 million (USD 20.2m) to support the construction or upgrade of 87 MW of wind and hydropower plants (HPPs) in Greece.
Greek utility PPC SA (ATH:PPC), the parent of the company, said in a bourse filing last week that the funds will go for six projects involving the construction of new wind parks throughout the country, including on several islands and on the mainland, as well as some new HPPs. Part of the financing will be allocated for the rebuilding of a total of 12 old small wind power facilities and HPPs.
The bond loan will be 90%-covered by the National Bank of Greece and 10% by NBG Malta Ltd. It complements the EUR-85-million debt financing from the European Investment Bank (EIB) for the same project, which was signed last December.
The projects will help the PPC Group expand its installed renewable energy capacity by 37% by the end of next year. Development, construction and launch of the separate power plants is to be completed over the next two years, it was announced at end-2017.
(EUR 1.0 = USD 1.155)