Promoting sustainability by raising capital and channeling it towards sustainable projects
National Bank of Greece S.A. (“NBG” or "the Bank") has established itself as a key financial partner in Greece’s energy sector and remains committed to playing a leading role in financing renewable energy projects in Greece, accelerating the country's transition to a cleaner, more sustainable economy.
Through capital raised from its four green bond issuances totalling €2.5 billion and by leveraging its deep sector expertise and innovative financing solutions, NBG has successfully allocated €2.33 billion (93% of the total proceeds) to finance 325 renewable energy projects with a combined installed capacity of 6,700 MW. The financed projects cover a range of renewable energy generation facilities and battery energy storage systems, designed both to expand Greece’s renewable energy capacity and to facilitate the integration of renewable energy into the electricity grid, thereby enhancing grid stability and reliability.
NBG’s first Green Bond Framework and Issuance
In April 2020, NBG published its Green Bond Framework (“GBF”) identifying eligible categories of projects in renewable energy that could be designated for the use of proceeds from a green issuance. Following the issuance of the GBF, NBG issued, in October 2020, its inaugural Green Senior Bond of €500 million, the first Green Bond ever issued by a Greek bank, with a coupon of 2.750% and a yield of 2.875%. By the end of 2022, all proceeds had been allocated to 58 renewable energy projects nationwide, financing or refinancing eligible assets related to power generation from onshore wind, solar, and small hydro projects (<20 MW). Sustainalytics conducted the post-issuance review of the allocation and impact report for 1st Green Bond. On September 9th 2025, NBG exercised the call option and redeemed the aforementioned Green Bond.
NBG’s updated Sustainable Bond Framework and recent issuances
In October 2023, NBG became the first Greek bank to issue a Sustainable Bond Framework (“the Framework”), which currently serves as the overarching governance framework for any issuance of Green, Social and other Sustainability-labelled bonds or other debt instruments. This Framework builds on the eligibility criteria previously used in NBG’s Green Bond Framework and expands its applicability to additional green and social eligible categories.
Following the framework update and the full allocation of the first Green Bond, NBG successfully placed three additional Green Senior Preferred Bonds in the international capital markets. Specifically:
- in November 2024, the Bank issued its 2nd Green Senior Preferred Bond (XS2940309649) of €650 million, achieving full allocation of the bond proceeds within one year of issuance. The proceeds have been allocated to finance or refinance 49 eligible projects, including 44 renewable electricity generation projects deploying onshore wind, solar, and hydro technologies, 4 energy storage projects, and 1 project related to the financing of the acquisition of a renewable energy company and its RES portfolio. Sustainalytics conducted the post-issuance review of the allocation and impact report, verifying NBG's compliance with its commitments.
- in July 2025, NBG issued its 3rd Green Senior Preferred Bond (XS3097930138) of €750 million, fully allocating the bond proceeds within one year of issuance. The proceeds were allocated to 57 eligible projects, comprising 48 renewable electricity generation projects based on onshore wind and solar technologies, 8 energy storage projects, and 1 project providing general purpose financing to a RES obligor, supporting the expansion of its renewable energy activities. S&P Global Ratings conducted the post-issuance review, verifying NBG’s compliance with the Sustainable Bond Framework and pre-issuance commitments.
- in February 2026, the Bank issued its 4th Green Senior Preferred Bond (XS3284396622) of €600 million. As of July 2026, €429 million or 72% of the bond proceeds have been allocated to a portfolio of 161 eligible projects, including 152 renewable electricity generation projects utilizing onshore wind and solar technologies, as well as 9 energy storage projects. S&P Global Ratings conducted the post-issuance review, verifying NBG’s compliance with the Sustainable Bond Framework and pre-issuance commitments.