Construction is set to begin on a 560 MW solar project in Greece after Eurobank and the Greek Public State entered into a financing agreement with Enipeas Single-Member S.A, a subsidiary of Lightsource bp, worth €315.35 million ($337.8 million).
The long-term loan consists of €170 million from Recovery and Resilience Fund resources, through the Greece 2.0 fund, and financing of €145.34 million by Eurobank. The remaining 20% of the investment required for the €395.15 million Enipeas solar project, equating to €79.82 million, will be covered by Lightsource bp's own funds.
The Enipeas solar project will be developed across the Greek regions of Larissa and Fthiotida, located in the east of Greece’s mainland. It will feature two sub-areas, a 400 MW southern cluster, and a 160 MW northern cluster. A total of 968,630 PV modules will be installed, covering an area of around 2,802 hectares
The project is expected to reach completion and be connected to the grid in 2026.
“In the context of an ongoing climate change, our project contributes substantially to a sustainable future and to the provision of cheaper, cleaner energy throughout the country while actively supporting the country's decarbonization goals and energy independence,” said Natalia Paraskevopoulou, Lightsource bp Country Head for Greece.
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“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,” added Orestis Kavalakis, Governor of the Recovery and Resilience Facility Agency. “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.”
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 in Greek state aid to support solar projects with a cumulative capacity of 813 MW, coupled with different types of energy storage systems.
Lightsource bp secured 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 across 19 markets, including a solar and storage portfolio in Greece exceeding 1 GW.
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