New EUR 100 million EIB and Piraeus Bank initiative to cut energy bills in Greece
Energy bills for companies across Greece will be reduced by new energy efficiency investment backed by a new EUR 100 million initiative by the European Investment Bank and Piraeus Bank. Under the scheme dedicated financing for new investment to reduce energy consumption by small-scale energy users will be provided across the country. Technical and financial expertise gained from energy efficiency investment programmes elsewhere will be used to strengthen new projects in Greece.
This operation is the first initiative in Greece under Private Finance for Energy Efficiency programme and represents the largest engagement in any European country so far.
“New investment to improve energy efficiency reduces energy bills, cuts carbon emissions and creates jobs. The European Investment Bank is committed to supporting transformational investment in Greece and pleased to launch the largest energy efficiency financing initiative to date in any European country under the Private Finance for Energy Efficiency programme. The scale of this new scheme clearly demonstrates the impressive potential for cutting energy bills in the country. This initiative will be strengthened by the local knowledge and professional expertise of colleagues at Piraeus Bank.” said Jonathan Taylor, European Investment Bank Vice President.
“This agreement underlines the longstanding commitment of Piraeus Bank, the largest bank in Greece, to the financing of investments with a positive environmental and social impact, and a focus on sustainable development and financial viability. Expanding our long-standing cooperation with the European Investment Bank Group, we have signed a new EUR 100 million agreement to finance energy efficiency projects in Greece, through the dedicated energy efficiency lending scheme, Private Finance for Energy Efficiency (PF4EE). This agreement, the only one in Greece and the largest provided by European Investment Bank under PF4EE in Europe, re-enforces our support for green entrepreneurship and expands our considerable know-how. Piraeus Bank is ideally positioned in the Greek market to take advantage of this particular innovative financing instrument.” said Mr. Christos Megalou, Chief Executive Officer of Piraeus Bank.
Athens, 26 March 2018