![Greek banks are the main financiers of investments in renewable energy sources](https://www.ot.gr/wp-content/uploads/2022/01/ot_ape33.png)
Greek banks are the main financier of investments in renewable energy sources (RES), supporting the green transition, even in difficult times. This was emphasized by Thodoris Tzouros, Senior General Manager, Head of Corporate & Investment Banking of Piraeus Bank, from the podium of the Sixth Sustainability Summit organized by the Economist.
Renewable energy financing corresponds to approximately 8% of the Greek banks’ serviced loan portfolio, while foreign banks are absent from the specific projects, said Mr. Tzouros, who referred to the challenges presented by the market in recent months as well as the opportunities it creates the Recovery and Resilience Fund.
Piraeus Bank is a leading player in the country’s energy transition process, having financed 2.5 billion euros in the last decade in RES projects, while it is the first bank to include a project of this category in the Recovery Fund, he noted. “We work with all domestic and international market players and leverage our expertise and deep knowledge of the industry, taking into account the dynamics and challenges that exist,” he said.
Greece has recorded since 2013 a total increase of 120% in RES capacity, from 4.3GW to 9.4GW, resulting in them accounting for 43% of electricity production from 20% a decade ago. The domestic banking system played a key role in providing long-term financing that amounted to 8 billion euros.
The interest in the RES sector is expected to intensify as the country will need investments of the order of 12 billion euros, of which 9-10 billion euros will come from bank loans, for the implementation of the RePower EU program which provides for the increasing capacity to 19GW by 2030;
Mr. Tzouros pointed out that in the last ten months there have been a series of challenges in the RES sector due to problems in the supply chain, an increase in construction costs, the transition from feed-in tariffs to corporate Power Sales Agreements (PSA), increasing interest rates and saturation of transmission networks. At the same time, however, the Recovery and Resilience Fund creates significant opportunities as it finances 50% of investments on very favorable terms, he added.
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Massive Wildfire Front North of Athens; Evacuations Continue](https://www.ot.gr/wp-content/uploads/2024/08/DSC_0559-600x399.jpg)
Massive Wildfire Front North of Athens; Evacuations Continue
Τhe conflagration in northeast Attica prefecture (greater Athens area) erupted instantaneously amid gusty winds near the township of Varnavas, before spreading south towards Mt. Penteli
![Greek Industrial Production Up by 9.5% in June 2024](https://www.ot.gr/wp-content/uploads/2024/08/industry.jpg)
Greek Industrial Production Up by 9.5% in June 2024
The Overall IPI in June 2023 decreased by 3.0% compared with the corresponding index in June 2022.
![Social Security Fund Employee Arrested for Demanding Bribe](https://www.ot.gr/wp-content/uploads/2024/08/cash-600x338.jpg)
Social Security Fund Employee Arrested for Demanding Bribe
Police said woman, 49, was nabbed 'red-handed' after receiving a folder filled with 4,000€, ostensibly to 'facilitate' the issuance of a disability pension
![Greek Road Tourism Booms, Eyeing Record 2024](https://www.ot.gr/wp-content/uploads/2024/08/gps-navigator-in-the-car-P3ACQVK-1-600x364.jpg)
Greek Road Tourism Booms, Eyeing Record 2024
The Kipoi (Kipi) border station recorded the highest absolute increase, with 457,000 arrivals, an increase of 115,000 or 33.5%.
![Greek Doctors Issue Safety Advice for Vacationers](https://www.ot.gr/wp-content/uploads/2024/08/shutterstock_1061985551-2048x1365-1-600x400.jpg)
Greek Doctors Issue Safety Advice for Vacationers
The Athens Medical Association offers tips to prevent accidents and health problems during the summer holidays.
![Deadline for Self-Employed Professionals to Register for Inter-Bank Payment System Pushed Back a Few Days](https://www.ot.gr/wp-content/uploads/2024/08/vat-2048x1536-1-600x450.jpg)
Deadline for Self-Employed Professionals to Register for Inter-Bank Payment System Pushed Back a Few Days
Greece’s independent tax bureau, AADE, announced the two-day deadline extension this week, given that the previous deadline of Aug. 31 fell on a Saturday
![Capital Economics: Greek GDP Boosted by Tourism](https://www.ot.gr/wp-content/uploads/2024/07/02tourismos10-600x375.jpg)
Capital Economics: Greek GDP Boosted by Tourism
The independent economic research business based in London appears reassuring regarding the effects of climate change on tourist activity.
![Int’l Students Will Soon Need ETIAS for Stays in Europe](https://www.ot.gr/wp-content/uploads/2024/08/shutterstock_620538449-2048x1365-1-600x400.jpg)
Int’l Students Will Soon Need ETIAS for Stays in Europe
Starting next year, foreign nationals planning to study in Europe will be required to present ETIAS approval for entry and short-term stays.
![Ice Cream in Greece Among Europe’s Costliest](https://www.ot.gr/wp-content/uploads/2024/08/ice-cream-@OT-600x400.jpg)
Ice Cream in Greece Among Europe’s Costliest
Ice cream in Greece is becoming a costly pleasure with a liter selling for at least 3.7 euros in 2023, among Europe's most expensive.
![Eurobank Completes Public Offer for Full Acquisition of Hellenic Bank](https://www.ot.gr/wp-content/uploads/2024/08/eurobank-1-600x373.jpg)
Eurobank Completes Public Offer for Full Acquisition of Hellenic Bank
Looking ahead, Eurobank aims to fully integrate Hellenic Bank’s accounting operations, with this process slated to begin in the third quarter of 2024.