EBRD to lend EUR 60m for green projects in Greece, Bulgaria

The European Bank for Reconstruction and Development (EBRD) has committed to extending EUR 60 million (USD 65.3m) in debt financing to back the development of green projects, including renewable energy, in Bulgaria and Greece.

The funding will come in the form of a loan to Bulgaria’s ProCredit Bank, EBRD said on Tuesday.

Projects that will benefit from the financing should focus on mitigating the impacts of climate change and promoting environmental resilience. Green initiatives that will be eligible to receive financial support will include renewable energy generation, energy efficiency and climate resilience measures.

Under its National Climate Law, Greece aims to cut greenhouse gas emissions by 55% by 2030 and become net zero by 2050. The country had over 11 GW of cumulative installed renewable energy capacity at mid-2022. Its northern neighbour Bulgaria, meanwhile, is targeting a share of 27% of renewable energy in the gross final energy consumption by 2030.

(EUR 1.0 = USD 1.088)

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