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16/03/2020

TERNA ENERGY: New Investments of over 550 million Euros in the Greek RES Market

TERNA ENERGY, continuing its investment program in Greece, is proceeding with new investments in clean energy production with a total budget of over EUR 550 mln.

To this end, the company is expected to begin shortly the construction of new wind farms in Euboea, following completion of the acquisition of “RF Omalies S.A.” from the company “RF Energy S.A.” with a portfolio of fully or partially licensed projects of a total 270MW capacity.

At this stage, the company plans the construction of wind farms with a total capacity of over 180 MW, which will lead to a total of 400MW of new wind farms and total investment of EUR 550mln.

The significant increase of TERNA ENERGY’s presence in the Greek RES market brings the Group’s goal to reach the size of 2,000 MW of RES projects in operation in Greece and abroad closer and much earlier than in 2025, as originally aimed.

It is reminded that TERNA ENERGY Group already operates, constructs or has fully licensed 1,512 MW of RES plants in Europe and the U.S.A. The total installed capacity of the Group amounts to 1,390 MW. Specifically, the Group has installed 607 MW in Greece, 651 MW in the USA and 132 MW in Southeast Europe.

In addition to the aforementioned new investments in wind farms in Euboea, TERNA ENERGY has already developed additional investments totaling over EUR 1bln in new wind farms in various areas in Greece, environmental projects and clean energy storage projects, such as the Amari Hybrid Station in Crete and the pumped storage project in Amfilochia. The latter are two extremely significant investments of around EUR 800mln needed to balance transmission networks and facilitate the transition to a carbon-free economy. The already launched investments in conjunction with the new wind farms in Euboea raise TERNA ENERGY Group’s total investment program to over EUR 1.5bln.

Referring to the new investments of the Group, the Chairman of TERNA ENERGY Mr. George Peristeris stated the following: “With the new investments that we have decided to implement in the Greek RES market, we raise the size of our company’s investment program in the Greek market to EUR 1.5bln. This is an unprecedented investment program being implemented in our country at a crucial time. These investments demonstrate our faith in the potential and prospects of the Greek economy and our strong commitment to investing in high internal added value in clean energy to the benefit of the economy, employment, environment and all citizens. At this moment, more than ever, our country needs investments that will create many and well-paid jobs, and as we have been stressing out for years, Greek companies must be front-runners on this aim. At the same time, the investments will significantly contribute in achieving the national energy targets to support RES projects as well as the objectives of our country’s decarbonisation program and progressive withdrawal from fossil fuel use.”