During the COVID-19 pandemic, as the world adapted to virtual meetings, a group of Greek women entrepreneurs gathered for online coffee talks. Their discussion turned to a startling statistic: women’s participation in the green energy sector was profoundly low, averaging just 3% globally.
Rather than being discouraged, they were inspired to act.
“We wanted to design a project that would not only include women but would serve as a best-practice model and give visibility to women in the green transition sector,” explains Lina Tsaltampasi, a founding member of what would become the Women’s Energy Cooperative (WEnCoop).
This pioneering initiative—now recognized as the world’s first female-led energy community—is a testament to the collaborative spirit driving Greece’s sustainable economic growth, a movement supported by the European Investment Bank (EIB).
From virtual coffee to renewable energy
What began as a series of conversations among members of the Greek Association of Female Entrepreneurs quickly evolved into a concrete plan. The group established an energy community where members are “prosumers”—they both produce and consume their own renewable energy. “By lowering our costs and getting some passive income,” Tsaltampasi notes, “we support the sustainability of our businesses as well.”
To ensure inclusivity, the cooperative set a minimum investment of just €500. Through internal crowdfunding, they raised their first €500,000. However, the true turning point came when they contacted the National Bank of Greece (NBG), which suggested they could scale up significantly with the help of a low interest loan, supported by the EIB.
“Instead of constructing 800 kilowatts, which was what our capital would reach, we managed to construct 3.2 megawatts,” says Tsaltampasi. “We scaled up by constructing four times more than what we could afford on our own.”
A broader green financing initiative
The Women's Energy Cooperative is a compelling example of a much larger story. In December 2024, the EIB reached a significant milestone: €1 billion in dedicated green financing for Greek small and medium-sized enterprises (SMEs) and mid-caps, channeled through local partner banks.
“Reaching €1 billion in green financing for Greek SMEs marks more than a milestone, it’s a testament to how targeted investment empowers real change. From innovative cooperatives like WEnCoop to hundreds of climate-focused businesses, EIB support is helping SMEs cut costs, scale up, and lead Greece’s green transition,” says EIB Vice-President Yannis Tsakiris.
Established in 2020, this programme was the first of its kind in Greece. Intermediated via local banks, it provides loans on favourable terms for investments in renewable energy, energy efficiency, and other green projects. To date, more than 350 Greek businesses have benefited.
The power of partnerships
The National Bank of Greece has been a cornerstone of this initiative. It already has signed up for 80% of the €1 billion in programme financing.
“We have been able to offer our clients loans at significantly lower interest rates, making green investments more attractive and accessible—especially for SMEs and mid-caps,” explains George Koutsoudakis, general manager of corporate banking at the National Bank of Greece. “This flexibility has enabled us to support a wide range of projects that contribute to sustainable growth and regional development.”
The market’s appetite for sustainable investment has exceeded all expectations. The agreements require that at least one-third of the loans support green projects, but the outcome has been remarkable. “So far, 100% of each loan and their allocations has gone to green financing, which shows the depth of the market,” Koutsoudakis states.
Nationwide economic growth
The EIB's commitment to Greece extends far beyond this specific programme. In 2024 alone, the EIB Group provided €2.2 billion in new financing to Greece, bolstering the energy supply, business growth, and disaster preparedness. This level of support represents almost 1% of the country's gross domestic product and is projected to mobilise investments of up to €6.6 billion.
For entrepreneurs like those at WEnCoop, this support is transformative. Their initiative has received an award from the European Commission and has been presented at the United Nations, raising visibility for what can be achieved.
“We are trying to raise all this visibility,” concludes Tsaltampasi, “so that women can reach out to us, and we can give them the best assistance we can with our know-how.”
As Greece advances its green transition, these partnerships between the EIB, local banks, and innovative entrepreneurs demonstrate how targeted financing can create lasting environmental and social impact—one renewable energy project at a time.
- Read about the EIB’s support for the Athens metro and how the EIB is helping the Greek island of Crete to adapt to climate change
