The Deputy Minister of Finance, Theodore Skylakakissubmitted a request today, Thursday, March 30, 2023, to the European Commission, for the claiming additional loan resources from the Recovery and Resilience Fundheight 5 billion eurosin its context REPowerEU.

REPowerEU is the European Commission’s plan to make Europe independent of Russian fossil fuels well before 2030, in light of the Russian invasion of Ukraine. It is a plan to:

  • energy saving
  • the production of clean energy
  • diversifying our energy supply

The 5 billion euros will be used, primarily, for the financing of energy, private investments – through loans and venture capital – which will concern:

  • Renewable Energy Projects (RES), e.g. solar and wind energy, biomethane, green hydrogen, etc.
  • Energy efficiency projects, e.g. interventions in existing business buildings, upgrading infrastructure and increasing the efficiency of production processes
  • Initiatives to promote “clean” transport
  • Clean energy access projects such as off-grid solutions and distributed electricity networks
  • Battery Energy Storage Systems (BESS) etc.

As stated, the request was submitted given the successful course of the “Greece 2.0” loan program.

In fact, there is a high level of interest from investors for this specific part of the National Plan, as the loans are granted on extremely favorable terms (loan rate, fixed 0.35% for very small and small businesses and 1% for medium and large ones), amidst of a period of time when, internationally, a rapid increase in interest rates is recorded.

REPowerEU is the European Commission’s plan to make Europe independent of Russian fossil fuels well before 2030, in light of the Russian invasion of Ukraine. It is a plan to:

  • energy saving
  • the production of clean energy
  • diversifying our energy supply

The Deputy Minister of Finance and Responsible for the preparation and coordination of the implementation of the National Recovery and Resiliency Plan “Greece 2.0”, Theodoros Skylakakis, stated:

“The loan component of “Greece 2.0″, amounting to 12.7 billion euros, aims, primarily, to strengthen the competitiveness of the country’s businesses, contributing, financially, to the implementation of their investment plans. With the request of the additional 5 billion euros, which we claim from the Recovery Fund, we are responding to the growing demand recorded for energy saving investments”.