Renewables

EIB approves loan for PPC Renewables’ 230 MWp solar project

solar-ppc-renewables

Photo: Zsuzska321 from Pixabay

Published

January 20, 2023

Country

Comments

0

Share

Published:

January 20, 2023

Country:

Comments:

0

Share

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.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Serbia opens door for batteries as solution for intermittency of renewables rajakovic nikola

Serbia opens door for batteries as solution for intermittency of renewables

04 February 2023 - We spoke with Professor Nikola Rajaković about proposed changes to the Law on the Use of Renewable Energy Sources

Serbia gets its first commercial PPA financing secured for Krivaca wind farm

Serbia gets its first commercial PPA – financing secured for Krivača wind farm

03 February 2023 - MK Group and ALFI Green Energy Fund have secured EUR 155 million for the project from a consortium of lenders led by Erste Group

Bulgarian IBEX exchange market guarantees of origin

Bulgarian IBEX exchange to set up market for guarantees of origin

03 February 2023 - Independent Bulgarian Energy Exchange – IBEX said it would organize a market for guarantees of origin of electricity

windeurope wind turbenes orders drop 2022

Wind turbine orders in EU drop by almost half in 2022

03 February 2023 - It is the continuation of the downward trend as orders have been declining since the first quarter of 2021