Buildings account for approximately 40% of our energy use. Making buildings more efficient can save a lot of money and energy, which also helps the economy and creates jobs. By making energy efficiency a priority, EU countries are supporting smart and sustainable growth.

The Greek government has ambitious aims to reduce greenhouse gas emissions and improve energy efficiency. To accelerate the country’s green transition, the Greek Ministry of Environment and Energy designed the Electra programme, focusing on the improvement of energy efficiency in public buildings such as hospitals, schools and administration sites.

The ministry estimates that almost 2.5 million m² of public buildings will be renovated, cutting energy costs by €96 million and yearly electricity use by 600 GWh, the same level of energy required to charge more than 30 billion smartphones over a year. The programme will also reduce CO₂ emissions by 364 000 tonnes, the equivalent of taking more than 70 000 cars off the road for a year.

This vast building renovation programme will be partly financed by loans from the Greek lending institution known as the Consignments, Deposits and Loans Fund. These loans were made possible by an intermediated European Investment Bank loan of €375 million. This loan falls under the Smart Finance for Smart Buildings initiative, a programme run by the EIB Group and the European Commission. The initiative improves the effectiveness of EU funding by setting up financial instruments such as loans or guarantees, rather than grants. Greece will also provide €125 million from its public investments budget to help the programme, as well as €170 million from the Resilience and Recovery Fund. Careful structuring of the financial instruments helps to lower the financial risk of investments in the buildings sector.

To make the most of the European Investment Bank’s loan, the Greek ministry requested the European Investment Advisory Hub’s support to improve its ability to implement the Electra programme. An online tool was devised to process loan requests and organise the reporting of information between the Consignments, Deposits and Loans Fund and the ministry.

Bank experts mobilised by the European Investment Advisory Hub are providing the ministry and the fund with comprehensive training sessions to make sure staff members use the tool to its full potential. By streamlining the project’s flow and reporting tasks, the Hub’s support helped to ensure the successful deployment of the financing and improved investments in energy efficiency.

The European Investment Advisory Hub also helped the Greek Consignments, Deposits and Loans Fund improve its operating capacity for future initiatives.