March 6th, 2014

Jessica to fund a biogas project in Central Macedonia

A 4.5 million € biogas project in Central Macedonia to be funded by EU urban development fund “JESSICA” was signed today with Piraeus Bank.

The agreement covers the construction and operation of a 0,95 MWe biogas plant producing electric and thermal energy from organic waste and biomass. It is sponsored by private investors.

According to the schedule, the plant will come into operation after one year, with expected annual turnover is estimated at 2.1 million euros (19% return rate), meaning, that amortization for own equity will be four years and ten years for the JESSICA loan.

Piraeus Bank manages Jessica funds of 40 million euros for the financing of urban development projects in the regions of Central Macedonia and Thessaly.

Other 12 projects with total project size of 75.5 million are currently under evaluation, out of which 36.7 million are expected to be funded by JESSICA.