The European Investment Bank (EIB) has committed EUR 28.5 million to help Greece’s PPC Renewables build three solar power plants in Kozani, with financing set to reach a maximum amount of EUR 35 million over the coming months.
PPC Renewables’ project to build the three solar power plants, with a combined capacity of 230 MWp, is one of the largest solar energy projects developed or under development in Greece, according to the EIB.
The three solar power plants are part of Greece’s ambitious NECP
The three power plants are part of Greece’s ambitious National Energy and Climate Plan (NECP), and they will help increase the use of renewable energy sources, reduce fossil fuel dependency in the electricity sector, and improve the security of supply for long-term demand, the EIB said in a press release.
The project is also part of the strategic transformation plan of PPC Group, which puts a special focus on renewable energy, according to the statement from the European Union’s lending institution.
The financing is backed by an EU budget guarantee under the InvestEU program. According to Paolo Gentiloni, the European Commissioner for the Economy, the loan is an excellent example of how InvestEU is mobilizing funding to back green energy generation across Europe.
The EIB is ready to back more green electricity projects in Greece
The EIB stands ready to finance further electricity generation projects in Greece in line with its commitment to increase support to climate action and environmental sustainability to over 50% of its overall lending activity, according to Christian Kettel Thomsen, EIB Vice-President responsible for lending in Greece.
Over the last decade, the EIB has provided more than EUR 4.3 billion for energy investment in Greece, including improving connections to Greek islands, harnessing renewable energy, and accelerating energy efficiency investment, according to the press release.