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Public Power Corp sells second set of ESG-linked notes
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Greece s Public Power on track to phase out 40% of targeted coal capacity by year-end
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(Bloomberg) Greece’s plan for using European Union funds to combat the effects of the coronavirus pandemic will accelerate the nation’s transition from fossil fuels to a greener economy, a government adviser said.Both domestic and foreign companies are expected to step up after almost 18 billion euros ($21 billion) of public and private funds were earmarked for everything from solar panels to energy storage, said Vassilis Antoniades, head of the financial services practice for Central Europe and Middle East at Boston Consulting Group Inc.“It’s extremely encouraging that over 30% of the EU funds for Greece are directed at green opportunities,” he said in an interview in Athens. Many of the opportunities are located in lignite-dependent areas and provide a chance to curb their dependence on the power-plant fuel for jobs, said Antoniades, who headed the team that advised the government on exiting lignite.Greece is still dealing with the effects of a de
Greece eyes green energy shift with $21 billion in projects
Solar power plant in Tilos, Greece. Credit: Wikimedia Commons
Greece’s plan for using European Union funds to combat the effects of the coronavirus pandemic will accelerate the nation’s transition from fossil fuels to a greener economy, a government adviser said.
Both domestic and foreign companies are expected to step up after almost 18 billion euros ($21 billion) of public and private funds were earmarked for everything from solar panels to energy storage, said Vassilis Antoniades, head of the financial services practice for Central Europe and Middle East at Boston Consulting Group Inc.
“We are saying goodbye to the coal age,” Greece’s energy state secretary told EURACTIV following last week’s announcement that the country’s last lignite plant will be shut down in 2025, three years earlier than planned.
Greece’s Public Power Corp. (PPC), the country’s biggest energy company, said it was abandoning its plan to operate its Ptolemaida 5 lignite plant, which is still under construction, until 2028.
Instead, the plant will switch from lignite to fossil gas in 2025, said PPC, a 51% state-owned company.
The move was announced on 22 April, weeks after PPC surpassed expectations with its first-ever green bond, marking the country’s decisive move away from coal.
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