EBRD supports Avis' car fleet electrification in Greece

Green Forum
The European Bank for Reconstruction and Development (EBRD) has extended a €108.3 million loan to Olympic Commercial and Tourist Enterprises SA (Avis Greece) to facilitate the electrification of its car fleet.

The loan will support Avis Greece's initiative to replace internal combustion engine vehicles with zero-emission battery-electric vehicles, thus reducing carbon dioxide (CO2) emissions. The signing, held on April 10, 2024, was attended by EBRD Managing Director for Central and South-Eastern Europe, Charlotte Ruhe; EBRD Head of Greece and Cyprus, Andreea Moraru; Avis Greece's CEO and Vice Chair of the Board of Directors, Andreas Taprantzis; and Governor of the Greek Recovery and Resilience Agency, Orestis Kavalakis.
Ms. Ruhe emphasized the significance of the transaction for EBRD, highlighting Avis's commitment to promoting transport electrification and overall decarbonization in Greece. Mr. Taprantzis expressed Avis Greece's dedication to expanding its fleet with zero-emission vehicles, aligning with Greece's ambitious Recovery and Resilience Plan.
This project marks the fifth sub-operation under the EBRD's Recovery and Resilience Facility (RRF) Co-Financing Framework in Greece, supported by the EU's NextGenerationEU program. The loan, totaling €108.3 million, comprises €40.6 million from EBRD financing and €67.7 million from RRF loans via the Greek Ministry of Finance.
The funds will aid Avis Greece's €135 million investment plan to procure approximately 2,900 battery-electric vehicles, significantly reducing its carbon footprint. Avis Greece is also expanding charging infrastructure across the country and collaborating with major players in the electric vehicle charging sector to introduce leasing services for electric vehicle chargers.
As the largest leasing and car rental company in Greece, Avis Greece operates a fleet exceeding 60,000 vehicles and maintains over 60 stations nationwide, including major airports.
To date, EBRD has invested over €7.5 billion in 110 projects across various sectors of the Greek economy.

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Green Forum  |  17 May, 2024 at 9:00 AM