The European Bank for Reconstruction and Development (EBRD) has committed €21.7 million to the P&E Investments Axiopoiisis & Anaptyxis Akiniton consortium in Greece. EBRD is investing to acquire a 20% equity stake in the consortium, using the funds to purchase shares in Skyline, a newly created special purpose vehicle

Skyline Portfolio and Redevelopment Plans

Skyline, a newly-formed entity within the consortium, holds a portfolio of approximately 460 commercial and residential properties. The consortium has identified these properties for redevelopment, repositioning, or sale. The consortium, which includes EBRD, Dimand, and Premia Properties, will acquire a 65% controlling stake in Skyline, while Alpha Bank will retain the remaining 35%.

The project aims to transform prime real estate assets, enhancing their value through redevelopment and repositioning efforts. The project aims to improve primary and secondary cities’ functionality and create investment opportunities for retail investors in existing buildings.

Sustainability and Green Building Standards

The project will improve the sustainability of the real estate sector while also offering financial benefits. It will promote resource efficiency, green leases with tenants, and raise awareness about energy and water efficiency. Redeveloped properties in the Skyline portfolio will target high green building standards, including LEED Gold or BREEAM Very Good certifications.

The project also aims to strengthen climate governance practices within the real estate sector. The project will follow the GRESB reporting standards to enhance the sustainability report and keep up with international environmental, social, and governance standards.

Also read: EBRD Funds Africa’s Largest Onshore Wind Farm in Egypt

EBRD’s Contribution to Greek Economic Growth

EBRD has been operating in Greece since 2015 under provisional arrangements, helping this country come out of economic crises. To date, more than €8 billion have been invested in 116 projects carried out by the bank under its corporate, financial, energy, and infrastructure sectors contributing to economic development in Greece. The EBRD is now furthering its commitment to sustainable growth and development in Greece with this new investment in the real estate sector.

Rayonier Inc. signed a major underground pore space easement agreement with Reliant Carbon Capture & Storage, covering about 104,000 acres of land in Alabama. The deal will help Reliant capture and safely store carbon dioxide emissions from power plants and industrial facilities in subsurface geologic formations.

Reliant Carbon Capture’s Expansion Plans

In addition, Reliant is actively working on front-end engineering design for a power generation station in the region, to go along with its other, large scale effort to create a carbon dioxide sequestration hub. Working with Rayonier fits into an ongoing strategy of Reliant’s to continue to pursue a decarbonisation program in heavy industry through post combustion carbon capture projects.
Rayonier’s Low-Carbon Focus

Mark McHugh, President & CEO of Rayonier, said, “Carbon capture and storage opportunities represent a key pillar of our land based solutions strategy, and we are encouraged by our progress in securing additional pore space lease agreements.”

He added, “As we continue to grow our land-based solutions business, our team will focus on executing agreements with high quality counterparties, such as Reliant, that position Rayonier to benefit from the transition to a low-carbon economy.”

Also read: TotalEnergies Invests $100M in US Forest Projects to Enhance Carbon Sequestration

Reliant’s Role in Regional Decarbonization

Tom McCarthy, CEO of Reliant, expressed pleasure in collaborating with Rayonier to develop this critical infrastructure project. According to him, by constructing large-volume sequestration hubs along with large-volume post-combustion carbon capture project deployment at high-volume sources, Reliant would equip region’s heavy industry with one of the necessary pieces required in completing decarbonization.

Furthermore, this deal marks rising need and reliance on carbon capture and storage technologies as the world sets forward into low-carbon world economic vision as an endorsement in and positioning of the two organizations in a position of necessity for industrial sector decarbonization.