July 19 (Renewables Now) - The European Investment Bank (EIB) said today it will lend EUR 24 million (USD 27.9m) to Greek renewable power producer Terna Energy (ATH:TENERGY) so it could build two wind farms in the northern part of the country.
Under the terms of the newly-signed deal, EIB will provide a loan that is backed under the EU budget guarantee of the European Fund for Strategic Investments (EFSI). Alpha Bank has served as co-lender as it contributed an equivalent amount of long-term debt next to a medium term VAT facility, according to the EIB announcement.
Terna Energy will use the money to develop, build and operate the 36-MW Eressou Ipsoma-Fourka and 8.4-MW Lefkes-Kerasia wind farms on Mount Vermio. Together, the two plants will consist of 22 wind turbines, hooked to the transmission grid via a new substation.
(EUR 1.0 = USD 1.161)