An investment totaling €315.35 million ($337.8 million), made up of funds from Eurobank and the Recovery and Resilience Fund Greece 2.0, will enable British developer Lightsource bp to begin developing a 560 solar project MW in the east of mainland Greece.
Construction of a 560 MW solar project in Greece will begin after Eurobank and the Greek state entered into a financing agreement with Enipeas Single-Member SA, a subsidiary of Lightsource bp, worth €315.35 million ($337.8 million ).
The long-term loan consists of €170 million from the resources of the Recovery and Resilience Fund, through the Greece 2.0 fund, and €145.34 million financing from the Eurobank. The remaining 20% of the investment required for the €395.15 million Enipeas solar project, amounting to €79.82 million, will be covered by Lightsource bp’s own resources.
The Enipeas solar project will be developed in the Greek regions of Larissa and Fthiotida, located in the east of the Greek mainland. It will comprise two sub-areas: a southern cluster of 400 MW and a northern cluster of 160 MW. A total of 968,630 PV modules will be installed, covering an area of approximately 2,802 hectares
The project is expected to be completed and connected to the electricity grid in 2026.
“In the context of ongoing climate change, our project contributes substantially to a sustainable future and to the delivery of cheaper, cleaner energy across the country, while at the same time actively supporting the country’s decarbonization goals and energy independence,” said Natalia Paraskevopoulou, Lightsource bp Country Head for Greece.
“The loan agreement marks the implementation of an important investment in the Greek region, attracting foreign capital and emphasizing renewable energy sources with impact at national and European levels,” said Orestis Kavalakis, Governor of the Recovery and Resilience Facility Agency. “The Recovery Fund – Greece 2.0 loan program supports investments at both large and smaller scales in clean energy and the green transition, which are crucial for the country’s energy autonomy, sustainability and environmental protection.”
Greece’s total solar capacity exceeded 7 GW at the end of last year. Earlier this month, the European Commission approved the provision of 1 billion euros in Greek state aid to support solar projects with a cumulative capacity of 813 MW, coupled with various types of energy storage systems.
Lightsource bp received approval for 750 MW of solar and 3,000 MWh of storage in Australia in March. The company claims to have developed more than 8.4 GW of solar power in 19 markets, including a solar and storage portfolio in Greece of more than 1 GW.
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