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Lightsource bp gets €315.34 mln in financing for its 560 MWp solar project in greece

Eurobank and the Greek Public State have entered into a financing agreement with Enipeas Single-Member, a subsidiary of Lightsource bp, as part of the National Recovery and Resilience Plan ‘Greece 2.0’. Eurobank exclusively leads and is the sole financial institution financing the Enipeas project, which is one of the largest solar projects in Europe, with a nominal capacity of 560 megawatt-peaks (MWp). The completion of the project will require a total investment of 395.15 million euros.

“The loan agreement marks the implementation of a key investment in the Greek region, attracting foreign capital and focusing on renewable energy sources with an impact at the national and European level,” pointed out the Governor of the Recovery and Resilience Facility Agency, Orestis Kavalakis. “The loan program of the Recovery Fund – Greece 2.0 supports investments of both large and smaller scale in clean energy and green transition, which are crucial for the country’s energy autonomy, sustainability, and environmental protection.”

This deal marks a key milestone for Lightsource bp’s growth in Europe and in Greece. The company entered the Greek market in 2020 and has since developed a portfolio of solar and storage projects exceeding 1 gigawatt (GW). For Eurobank, the financing of such a significant solar project underscores the bank’s tangible commitment to support the country’s energy transition and decarbonisation efforts.

“We’re grateful to the Greek government and Eurobank for their support on what is a massive achievement for Lightsource bp,” stated Nick Boyle, Group Co-CEO at Lightsource bp. “It has been more than three years since we started our operations in Greece and we have hit the ground running thanks to the efforts of our local team. The agreement enables the 560MWp Enipeas project to begin delivering inward investment for Greece, alongside cheaper, cleaner and more secure energy.”

The project is expected to reach completion and be connected to the grid in 2026. In the first year of operation, it is expected it will generate 0.90 terawatt-hours (TWh), equivalent to powering 225,000 households, covering almost 2 per cent of domestic production and avoiding 379 kilotons of CO2 emission annually.

The 395.15 million euros total investment for the project falls under the Green Transition pillar of the Recovery and Resilience Fund (RRF). The financing of the project includes the granting of a long-term loan of 315.34 million euros, with the utilisation of borrowed funds, amounting to 170 million euros from RRF resources and financing of 145.34 million euros by Eurobank. The remaining 20 per cent of the investment, totalling 79.82 million euros, will be covered by Lightsource bp’s own funds.

“The construction of the photovoltaic project with a total capacity of 560 MWp is another strategic investment that will be added to the portfolio of Lightsource bp, a global leader in solar development, management and operations,” commented Konstantinos Vassiliou, Deputy CEO of Eurobank and Head of Corporate & Investment Banking. “As a bank, we remain strongly committed to financing sustainability projects, demonstrating the substantial impact of the National Recovery and Resilience Plan ‘Greece 2.0’ on the economic and social transformation of the country.”

The Enipeas solar project will be developed in the regional units of Larissa and Fthiotida and will consist of two different sub-areas, a 400 MWp southern cluster and a 160 MWp northern cluster, covering a total area of approximately 6,926 acres, where 968,630 PV modules will be installed.

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