Green Funding

Piraeus Bank has long supported investments in Renewable Energy Sources and provides significant know-how for the Agricultural Sector and RES investments. Through its specialized Departments – Agricultural Banking and Sustainable Banking – it designs customized services for farmers and agricultural enterprises in order to offer the optimum solution, adapting to the needs of each client.

In this context, it offers a new line of financing solutions for clients in the agricultural sector who are investing in solar farms, recognizing the opportunities for sustainable investments with added social and environmental value. 
This new initiative reflects the Bank’s firm commitment to supporting environmentally and socially responsible entrepreneurship, its dedication to the Principles of Responsible Banking, and its effort to help the country achieve its Renewable Energy Source goals.

In the context of the long-term financing of TERNA ENERGY Group Renewable Energy Source (RES) projects, Piraeus Bank was the first in Greece to include principles of Environmental, Social and Corporate Governance in financing criteria.
These principles promote sustainable growth and take into account, among other things, the following:

• Reduction of annual carbon dioxide equivalent (CO2eq) emissions, within the next five years overall, by at least 20%.
• Implementation of the Eco-Management and Audit System (EMAS)..

This financing reflects €150 million in TERNA ENERGY investments for Renewable Energy Sources in Greece (wind parks, hydroelectric projects and solar parks) producing a total power of over 120 MW.

In this way, Piraeus Bank is consolidating its leading position in financing of the RES sector, while at the same time manifesting its commitment to the Principles of Responsible Banking, transparently implementing ESG principles in its banking procedures that take into account environmental protection and society’s support.

Piraeus Bank financed National Energy Holdings, an international investor in the renewable energy sources sector, for the construction of five solar parks with a total capacity of 24 MW.

National Energy, based in London, is financed by American capitals and is active in the development, construction and operation of RES projects, with emphasis on solar parks and wind turbines. In partnership with Piraeus Bank, it is making its first investment in Greece, with five solar parks to be constructed in Central Greece.

The financing of the €22 million transaction is taking place in the context of the Bank’s strategy for supporting green investments and financing projects that contribute to the transition to a sustainable economy.

In the context of promoting circular economy and reducing the environmental footprint of plastic products, Piraeus Bank decided to include Environmental, Social and Corporate Governance (ESG) criteria in the financing criteria of MATRIX PACK SA.

• These criteria promote sustainable growth and concern, among other, the following:
• Harmonisation of the company’s manufacturing with the requirements of EU Directive 2019/904 for reduction of the impact of certain plastic products on the environment, and the requirements resulting from the Directive’s application to National Law by 30 June 2021 or earlier, if required by national legislation.
• Use of at least 90% of raw materials certified as biodegradable in the ground.
• Maintenance and renewal of Forest Stewardship Council (FSC) compliance certifications.

The initial €6 million financing concerns MATRIX PACK SA investments in Greece for transforming its manufacturing from plastic straws to biodegradable and paper straws.

In this way Piraeus Bank promotes circular and sustainable economy, strengthening its leading position in the financing of Greek industry and proving its commitment to the Principles of Responsible Banking, transparently implementing in its banking procedures principles designed to protect the environment and support the society.