A new financing, supported by the European Investment Bank (EIB) and backed by InvestEU, will help support the construction of three solar farms in Greece for a total capacity of 230 megawatt-peaks (MWp). They will allow, along with other investments, for greater use of renewable energy resources and reduction of fossil fuel dependency in the electricity sector, as well as improving the security of supply for long-term demand.
The project, which is one of the largest solar energy projects developed and under implementation in Greece, is also part of the strategic transformation plan of the PPC Group, the leading company, for the generation and supply of electricity in Greece, which puts a special focus on the promotion of renewable energy.
“To make a success of the green transition we need significant and sustained investment,” said Paolo Gentiloni, European Commissioner for the Economy. “This agreement to finance the construction of new solar farms in Greece is an excellent example of how the InvestEU programme is mobilising funding in support of green energy generation across Europe. InvestEU is delivering the investment necessary to make crucial energy projects a reality.”
“We are particularly pleased that this project promotes renewable and clean energy for the people of Greece,” added Christian Kettel Thomsen, EIB Vice-President responsible for lending in Greece. “It also enhances energy security and sustainability and will help the country meet its ambitious renewable energy targets. Looking ahead, the EIB is following developments in the Greek electricity sector and stands ready to finance sound projects in line with its Climate Bank Roadmap, the commitment to increase the level of support to climate action and environmental sustainability to exceed 50 per cent of its overall lending activity.”
The EIB financing is part of a 102.4 million euros Project Finance debt package comprising 95.1 million euros in long-term facilities and 7.3 million euros in medium-term construction VAT financing.