June 20 (Renewables Now) - Renewable energy, energy efficiency and urban development projects in Greece will get EUR 450 million (USD 505m) in financing under a new infrastructure investment initiative of The National Bank of Greece and the European Investment Bank (EIB).
The initiative comes as part of the Infrastructure Fund of Funds, established by the Hellenic Ministry of Economy and Development with the EIB's support. The National Bank of Greece is the first partner bank under the programme. Other Greek lenders are also expected to join it.
The National Bank of Greece will identify eligible projects and distribute financing to renewable energy projects such as wind, solar, biomass and biogas plants, and to energy efficiency upgrades in public and company buildings. Schemes in the water and waste management and tourism sectors are also expected to benefit from the financing, which will be coupled with own funds of The National Bank of Greece.
According to the statement, details of the scheme’s first EUR-32-million component have already been agreed.
(EUR 1.0 = USD 1.129)