Financing sustainable development projects

Integrating ESG criteria in financing 

We take ESG criteria and factors into account in the assessment and financing process. This way, we foster the green transition and economic development of Greece. 

To implement our ESG strategy, we have developed the Sustainable Finance Framework. 

Aiming to channel funds to economic activities with a positive environmental and social impact, the Framework includes specific thematic financing classes: 

• Green – Energy efficiency upgrades, renewable energy sources, sustainable transport, resource efficiency and pollution control. 
• Social – Access to affordable basic infrastructure and essential services, affordable housing, economic inclusion.

Contributing actively to the National Energy and Climate Plan

Financing RES projects 

Through targeted project financing, we genuinely contribute to the efforts to implement the National Energy and Climate Plan (only available in Greek), which has set the following targets by 2030:

• -40% total greenhouse gas emissions compared to 1990.
• 35% minimum RES share in final gross energy consumption. 

We finance projects that invest in environmentally friendly technologies and replace old polluting plants, helping reduce gas emissions. 

These projects rely on domestic renewable energy sources and reduce reliance on finite conventional energy resources. This way, they ensure adequate national energy supply and contribute to the rational use of energy in Greece. 

For the period 2017-2022 we provided €880 million in financing to more than 43 PV parks, wind farms and biogas plants, with a total power output of 1 GW. 

Assessing environmental impact and performance 

To identify and assess environmental risks and social impacts, we review each project in cooperation with expert technical consultants. This way, we ensure that the projects we finance: 

• Comply with the environmental legislation.
• Are carried out in a socially responsible manner.
• Apply sound environmental management practices. 

In major syndicated loans, we integrate compliance requirements relating to special environmental and social performance standards, such as the environmental and social standards of the European Investment Bank at the Equator Principles of the International Finance Corporation – IFC.

Through the entire term of the loans, we monitor and verify compliance to environmental terms and commitments on an annual basis. 

Investing in major infrastructure projects in Greece  

We participate in the financing of key projects that offer environmental as well as social benefits. We pay particular attention to the rigorous environmental review of the projects we finance. Companies receiving financing often submit special environmental reports on traffic noise reduction, air pollution, use of natural resources etc. 

Airports and road networks 

We financed the concession and upgrade agreement for the 14 largest regional airports in Greece, together with the World Bank, the European Bank for Reconstruction and Development, and the European Investment Bank. This project greatly enhanced facility safety, and minimised the risk of accidents and environmental pollution. 

We also actively participate in the syndicated loans for all domestic road networks constructed under concession agreements. These projects result in greatly increasing road safety for thousands of users and in reducing accidents.  

In 2021 we entered into a new transaction with the Olympia Odos SA concession motorway project for refinancing existing loans and extending new financing for the construction of a new section of the motorway linking Patras and Pyrgos, with a budget of €300 million. The new motorway section is expected to drastically increase safety and reduce travel time. 

Energy distribution networks and waste treatment plants 

For the period 2019-2021, we supported major infrastructure works, such as: 

• Electricity interconnection of islands to mainland Greece – We participated in a €400 million syndicated loan to the Independent Power Transmission Operator SA (IPTO) and covered more than 1/3 of the net new financing. 
• Financing for the 10-year development plan of the Hellenic National Gas System (2021-2030) – We participated in a €505 million syndicated loan to the Hellenic National Gas System Operator (DESFA) in Greece. 
• Acquisition of 49% of the Hellenic Electricity Distribution Network Operator SA (HEDNO) from the Macquarie Group – We acted as sole lead arranger and underwriter for the financing of the transaction, which is one of the largest privatisations to date in Greece, amounting to €1.3 billion. 
• Public-Private Partnership for waste treatment in the Peloponnese – We run the financing for the largest domestic waste treatment project under a Public-Private Partnership, with a total budget of €155 million. This is one of the largest waste treatment projects in the European Union. At the same time, we act as exclusive financial advisor to the project promoter.