Greece to invest €12bn on environment and energy to boost beleaguered economy

29 July 2010

Greece is to invest €12bn on the environment and energy projects before 2015 in an attempt to kick-start its economy.

The funds will be partly allocated to renewable energy projects and are being deployed with the hope of attracting €32bn of private investment, according to Environmental Minister Tina Birbili.

‘The ministry hopes the programme will decisively contribute to face recession and lead to dynamic economic growth, Birbilli said in a press release obtained by Reuters.

The country, which is plagued by debt and is in the second year of recession, has attracted a mounting sum of renewable energy activity in recent months.

Earlier this month, power harvesting and monitoring technology developer SolarEdge Technologies announced it was to expand its activities in Greece.

In addition, in June alternative energy company VioSolar signed a memorandum of understanding with a privately held Greek corporation to by the majority of its shares.

The undisclosed company is known to have 100KW of production and licences to build an additional 1MW, VioSolar said.

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Tags: Europe, policy

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