This Greek Industry Unscathed by Crisis Still Blowing Strong
- Up to 50 wind projects with 1.3 gigawatts are contracted
- Cash from recapitalization being directed to ‘safe’ renewables
Wind turbines in Greece.
Photographer: Aris Messinis/AFP via Getty ImagesThis article is for subscribers only.
Wind power is blowing back against a fifth year of contracting Greek credit as banks keep funding renewable energy projects that deliver secure cash flows.
Greek banks are preparing to finance as much as 1.3 gigawatts of new wind power even as their lending to companies shrank for a 58th-straight month in April, according to Norton Rose Fulbright LLP, a law firm advising on deals. Even as the country’s debt crisis forced lenders to plug a 14.4 billion-euro ($16.1 billion) hole in their balance sheets, renewable wind energy has remained attractive for investment banks and developers.