Greece: Bonds issue at GEK Terna

, SEE Energy News

The issuance of a seven-year bonds at GEK Terna was postponed due to coronavirus pandemic and consequent lockdowns, but now it is expected to be completed within a month. GEK Terna announced that it will proceed with the process of issuing of bonds of up to 500 million euros.

The company said that the majority of raised funds will be used to finance renewable energy projects, as its renewable energy segment saw a surge in profit in the past few years. That segment generated revenues in the amount of 237 million euros in 2019, compared to 216 million euros a year before, while its EBITDA rose to 179 million euros from 156.5 million euros in 2018.

Main reason for increased financial indicators is the contribution of newly commissioned wind farms. At the end of 2019, GEK Terna had 1,390 MW of installed RES capacity in Greece, the United States, Poland and Bulgaria. Now, the total capacity of the group’s renewable energy facilities, either in operation or under construction, amounts to 2,000 MW.