Renewable energy sources, storage units (batteries and pumped storage), networks, and natural gas remain at the forefront of interest. This is despite the fact that new renewable energy units now participate in the market without guaranteed prices and despite the global slowdown in the energy transition following Trump's election.
As stated in a meeting with journalists by Vassilis Karamousis, General Director of Corporate and Investment Banking at National Bank of Greece, the role of banks in the country’s energy transition is and will remain crucial. It is estimated that new investments of 15 to 20 billion euros will be needed for renewable energy projects by 2030. About 50% of this funding will come from bank loans, with National Bank aiming to maintain a leading role, holding more than 30% of the energy market share.
National Bank currently has a renewable energy financing portfolio worth 3 billion euros, which represents 30% of the market. This portfolio covers the full range of traditional renewable energy projects, from energy communities and smaller projects to large, complex energy parks. Notably, half of the projects that National Bank includes in the Recovery Fund are renewable energy projects. Furthermore, from the 1 billion euros allocated by the European Investment Bank under the Green Investments program in Greece, National Bank has absorbed 80%.
The significant growth of the renewable energy portfolio is complemented by the first green bond issuance by a Greek bank, with National Bank raising approximately 1.2 billion euros through two such issuances.
Finally, attention was drawn to the Energy Baseload Swap (EBS) product, which was activated in 2024. This product allows businesses to stabilize their energy costs (for consumers) or revenues (for renewable energy producers) for up to 10 years, through a bilateral financial agreement with National Bank.
This means that both large and small renewable energy producers can lock in a fixed tariff without necessarily entering into a bilateral agreement (PPA) with a major consumer. As the National Bank highlights, this offers them greater security in advancing their investments and facilitates easier access to financing, given the reduced risk.
