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Two Wind Farms with 44.4 MW Capacity to Start Commercial Operation in Greece

/12th March 2019, RENEWABLE MARKET WATCHTM/ The two windfarms with a combined operating capacity of 44.4 MW, divided between Eressou Ipsoma-Fourka (operating capacity 36MW) and Lefkes-Kerasia (operating capacity of 8.4MW) shall be commissioned by the end of H1 2019 in Greece, according to the Renewable Market Watch™. Combined, they will host 22 wind turbines installed on complex high altitude terrain (exceeding 1.400m), and will be connected to the transmission grid via a new MV/HV Substation and respectively 8.5 km and 16km of MV underground cable..

This is the second EFSI operation where the European Investment Bank (EIB) is undertaking direct project risk via a limited recourse, project finance structure. Next to other transactions, it is a testament to the continued EIB support to the Greek electricity sector in general and the promotion of the renewable energy sources, in line with EU policies, in particular.

The EIB has signed a EUR 24m financing agreement with the Greek Terna Energy Group in the middle of 2018 to help fund the development, construction and operation of two windfarms on Mount Vermio in northern Greece. Alpha Bank acted as co-lender providing an equivalent amount of long-term debt next to a medium term VAT facility. The EIB’s loan is backed under the EU budget guarantee of the European Fund for Strategic Investments (EFSI), the financial instrument of the Investment Plan for Europe. This is the second such agreement with Terna following one in the middle of 2017 to finance windfarms in the Viotia region.

These two wind farm projects in Greece will be one of tha last projects to be supported through the existing fixed feed-in tariff (FIT) set at 105 EUR/MWh. The power purchase agreement (PPA) is fully secured and duly signed with LAGIE, the market operator of the wholesale electricity market in Greece that also operate the Renewable Energy Sources Special Account, which is funded directly by end-consumers and not through any support from the Greek State Budget.

The more information and answers to your questions about Greece wind energy market you may read here: Western Balkans Wind Power Market: Outlook 2018÷2027

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