Fiche récapitulative
The project comprises the construction and operation of a 22.5MW onshore wind farm, located in the regional units of Viotia and Fthiotida, in central Greece.
The aim is to contribute to national and EU energy and decarbonisation objectives.
The implementation of the Project increases RES generation capacity in Greece and contributes to its 2030 targets set out in the National Energy and Climate Plan and the REPowerEU Action Plan.
The financing of this Project contributes to Bank's lending priority objectives on Energy, Environmental Sustainability and Climate Action, as well as Social and Economic Cohesion.
The Project will address the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation). It is expected to rely primarily on revenues from commercial PPAs and the wholesale market, thereby improving market efficiency and competition.
The Project is expected to have a positive ERR, considering the economic value of the electricity generated. It will generate a positive broader social benefit by generating clean and renewable energy at a cost reasonably below alternatives in Greece. On project quality, the Project is implemented by a promoter with strong capacity and expertise in this field.
EIB's financing will allow the Promoter to diversify its funding sources and decrease its dependence on intra-group financing. It will provide the Promoter with more favourable terms than market alternatives and will allow the Promoter to also apply for a complementary RRF loan (funds under EU's Recovery and Resilience Facility).
Onshore Wind farms fall under Annex II of the )environmental impact assessment (EIA Directive 2014/52/EU amending 2011/92/EU, requiring the competent authorities to determine whether an EIA is required. Overhead transmission lines for the interconnection of plants to the grid falling under Annex I due to their technical characteristics, shall be subject to an EIA process. Both projects and their grid connections underwent a full EIA process. Compliance with applicable EU Directives will be assessed during appraisal, in particular concerning cumulative impacts and potential impacts on nature conservation sites.
The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. The renewable energy plants will likely be operating without exclusive or special rights within the meaning of the EU Utilities Directive 2004/17/EC and subsequent 2014/25/EU, hence private sector procurement procedures are expected to apply.