The European Bank for Reconstruction and Development (EBRD) has invested €20 million in a €230 million green bond issued by Lamda Development in Greece. 

Lamda is a Greek real-estate developer and owner of The Ellinikon.

The Ellinikon, a regeneration project in Greece, aims to transform the former Athens International Airport into a sustainable and fully integrated commercial, residential and hospitality area open to the public.

The proceeds of the bond issue will fund sustainability elements of The Ellinikon, including green buildings and infrastructure, green energy and smart-city technologies.

Lamda will invest the EBRD’s proceeds in financing green-certified assets, achieving at least a Leadership in Energy and Environmental Design (LEED) “Gold” or BREEAM “Very Good” certification.

The green bond is listed on the Athens Stock Exchange (ΑΤΗΕΧ) and aligned with the International Capital Market Association’s (ICMA) green bond principles. 

The issuance, taking place in the current market environment, contributes to its development and long-term financial viability, promoting environmental aspirations through a dedicated green finance instrument that strengthens corporate climate governance.

Vlaho Kojakovic, EBRD head of property and tourism, said: “The Ellinikon is a flagship project for the sector’s transition to a high-specification, sustainable building and infrastructure landscape, offering a versatile land-use mix.”

Odisseas Athanasiou, Chief Executive Officer of Lamda, said: “This transaction further cements our relationship with the EBRD in our journey to make The Ellinikon a benchmark project for sustainability and smart living.” 

In 2019, the Bank invested €22.7 million in Lamda’s equity issuance to support the development of The Ellinikon.

To date, the EBRD has invested more than €5.8 billion in 91 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.