First Financing Loan linked to Environmental, Social and Governance (ESG) criteria by Piraeus Bank to TERNA ENERGY GROUP
Piraeus Bank, in the framework of long-term financing of projects with Renewable Energy Sources (RES) of TERNA ENERGY GROUP, for the first time in Greece has linked into the financing, criteria, principles related to environmental, social and corporate governance (ESG).
These principles promote sustainability, inter alia, the following:
• Annual Reduction of CO2 eq emissions over the next five years by at least 20%.
• Implementation of an Eco-Management and Audit Scheme (EMAS) environmental management system.
The financing relates to investments made by TERNA ENERGY GROUP, amounting to €150 million in renewable energy sources (wind parks, hydropower projects and photovoltaic parks), with a total capacity exceeding 120 MW.
In this way, Piraeus Bank strengthens its leading position in the energy sector financing, and in particular RES, demonstrating in practice its commitment to the Principles of Responsible Banking, applying transparently to its banking operations ESG issues regarding environmental protection and society support.
Piraeus Bank was the only Greek bank involved in the formation of the Principles of Responsible Banking, along with 29 other banks from around the world, members of the United Nations Financial Initiative for the Environment (UNEP FI). These principles set the framework through which Sustainable Banking will develop in the coming years. Their adoption and implementation is a decisive move to achieve greater harmonization with the Sustainable Development Goals (SDGs) and the Paris Climate Agreement.
Ms. Eleni Vrettou, Executive General Manager, Chief of Corporate and Investment Banking of Piraeus Bank, points out, "Environmental and social awareness of Greek businesses is expected to be a dominant factor in diversifying the products and services provided to the Greek market aiming at sustainability in the near future. Piraeus Bank contributes to the transformation of the Greek economy towards this direction.
Today, along with Greece's largest clean energy company, TERNA ENERGY GROUP, we are making new ground in providing substantial incentives for financial competitiveness through the adoption of environmental principles and objectives, thus actively contributing to the environmental and climate upgrading of the country.
Piraeus Bank, in addition to maintaining the largest clean energy loan portfolio in Greece, which exceeds 1.7GW, has been for many years an active and successful credit provider with the cleanest environmental footprint, that is constantly improving".
The CEO of TERNA ENERGY GROUP, Mr. Emmanuel Maragoudakis, also stated: “Our cooperation with Piraeus Bank to finance RES projects on the basis of principles that also take into account issues linked to the Environment, Society and Corporate Governance (ESG) demonstrates in practice our commitment, to address both the global effort for climate change through clean energy investments and ESG matters. TERNA ENERGY GROUP is the largest investor in clean energy in Greece. Our investment program focuses on clean energy, energy storage by pumping projects and integrated waste management, with multiple benefits for the environment, the daily lives of Greeks and the Greek economy."
Athens, 28 July 2020