Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Albania
Greece
Kosovo
Romania

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Sep 24, 2025

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

GEK Terna S.A.

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Infrastructure
Water and Sanitation

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 58.71 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 50
Converted using 2025-09-24 exchange rate.

Loan Amount (USD)

$ 58.71 million

Project Cost (USD)

$ 587.12 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 7, 2025

Disclosed by Bank Oct 2, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the information provided in the project disclosure, the EBRD invested EUR 50 million in the EUR 500 million, 7-year senior unsecured bond issued by GEK Terna S.A. and listed on the Athens Stock Exchange.

The overall bond proceeds will be used to finance Issuer's group business activities, among else, in the infrastructure and energy sectors, support acquisitions, and/or refinance the Issuer's and/or its subsidiaries debt and issuance costs of the bond.

The proceeds of the EBRD participation will be dedicated to renewable energy generation, battery energy storage systems, social infrastructure, and water/wastewater investments in Greece, Romania, Albania and Kosovo.

The Project aims to support the Company's growth in Greece and South-Eastern Europe by financing renewable energy, energy storage, social infrastructure, and water/wastewater investments, while also strengthening Greece's local corporate bond market through a sizeable issuance on the ASE. It will also support channelling of funds to green eligible investments and promote private sector participation in public infrastructure projects, including those procured under concessions and public-private partnerships ("PPPs"), while promoting inclusive and gender responsive policies and practices.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, GEK Terna S.A. is a leading infrastructure group incorporated in Greece, active in concessions, energy and construction. The Company is listed on the ASE.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	GEK TERNA	Client	Infrastructure

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - GEK Terna S.A.:

Alexandros Skordos
Email: askordos@gekterna.com
Phone: +30 210 6968000
Fax: +30 210 6968099
Website: http://www.gekterna.com/
Address: 85 Mesogeion Ave., Athens 11526, Greece

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html