The first Thessaly project finance agreement was signed in Larisa, between Piraeus Bank and Selected Biogas Farsala SA, within the framework of a JESSICA initiative. This is a project involving the construction and operation of a 5,252 MWe biogas electric and thermal power generation plant using biomass, installed in the municipal community Vamvakou, Municipality of Farsala.

The event, which took place at the conference hall of the Association of Thessalian Enterprises (STHEV) and was attended by Mr. Yiorgos Papaioannou, Chief Executive Officer of Piraeus Real Estate S.A. and member of the Jessica Urban Development Fund Investment Committee, as well as by other Piraeus Bank executives, was honored by the Deputy Minister of Development Odysseas Konstantinopoulos, the Regional Governor of Thessaly, Konstantinos Agorastos, the Secretary Special for Public Private Partnerships (PPPs) at Ministry of Development, Nikos Mantzoufas, the Mayor of Farsala, Aristomenis Karachalios, as well as representatives of the project implementation body, which is financed through JESSICA.

It is noted that the first project finance agreement through JESSICA in Central Macedonia has been signed since last spring.

JESSICA is an initiative of the European Commission and the European Investment Bank (EIB), in collaboration with the Development Bank of the Council of Europe (CEB), implemented in Greece through the cooperation of the Ministry of Development and Competitiveness and EIB, using NSRF 2007 - 2013 funds. Its purpose is to support investment in viable urban development projects by also aiming at private fund leverage.

JESSICA has introduced a new and different approach compared to European Finance Projects known so far (reimbursable loan financing with preferential interest rate terms and a repayment period, instead of a subsidy).

Piraeus Bank manages 40 million. EUR JESSICA funds ("Common European support of viable investment in urban areas ") for the financing of urban development projects in its capacity as the Urban Development Fund (UDF) for the regions of Central Macedonia and Thessaly. Furthermore, the Bank co-finances the projects with 16.8 million Euros from its own resources. A total of 13 projects with a total budget of 93,5 million Euros which have been submitted for a financing amount of 50,2 million Euros by JESSICA are currently being evaluated in Thessaly. The projects being evaluated involve, without being limited to, electric and thermal power generation from biogas, the power upgrade of road lighting systems, the creation of theme parks, upgrading of sports facilities etc.

Piraeus Bank, through its participation in the JESSICA project, proves once again, in practice, its consistency in the effort to strengthen Greek economy, entrepreneurship and local communities, by constructively collaborating with local authorities, Regional Administrations, Interim Management Authorities, the Ministry of Development and the European Investment Bank.

Athens, November 3rd 2014

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