GEK TERNA implementing 4 bln euro investment plan

Giorgos Peristeris, head of GEK TERNA spoke extensively about the important role that clean energy can play, not only in the Greek economy, but also globally.

Giorgos Peristeris, head of GEK TERNA, spoke about future investment plans and the need for general investments as part of the Development Fund with large domestic added value at the company's shareholder general assembly on Wednesday.

He stressed that the group has invested more than 2.5 billion euros during the crisis in clean energy, the environment and infrastructure, adding that it maintains all cash reserves in Greek banks. In reference to the company's investment plans, he clarified that his company has "launched new investments in Greece with a total value of about 4 billion euros, which will create more than 20,000 jobs in the next five years."

He also referred to the group's successful 500 million euro bond issue, thanking those who contributed to it, including investors, and stressing that the result shows confidence in the company and its business plan.

Peristeris also spoke extensively about the important role that clean energy can play, not only in the Greek economy, but also globally, and, of course, in the protection of the environment and in efforts to stop catastrophic climate change. As he pointed out, the effects of climate change can be much greater and broader than those experienced during the pandemic.

"It is no coincidence that the EU invests much of the European budget in green investments, which will be the backbone of the expected Recovery Fund that will support European economies after the pandemic. It is also no coincidence that the international investment community sees green investment, and in particular investment in RES, as an excellent defensive investment option, which is not affected much by events such as the pandemic. The same goes for the infrastructure and concession sectors, in which we also play a leading role. Despite the difficulties, I expect our group will continue to lead the way and grow by reaping the fruits of the strategic choices we have been making for decades," he added.

He highlighted that Greece needs investments with high domestic added value, through which new jobs will be created and the economy will be substantially supported, stating that the sectors of clean energy (mainly wind and hydroelectric projects), energy storage, energy infrastructure, the environment and large infrastructure display these characteristics. And that is why they are the pillars of the European program for economic recovery. These investments have a high rate of domestic added value sometimes exceeding 70 percent and with a multiplier approaching 2, ie for every 1 euro invested in these sectors, about 2 euros return to the Greek economy, he added.