Greece’s DEPA Commercial obtains financing for 816 MW solar power portfolio

Greek state-controlled gas supplier, importer and trader DEPA Commercial received a EUR 390 million loan from the European Investment Bank for photovoltaic projects across the country. The company intends to immediately launch calls for contractors.

DEPA Commercial is rapidly turning greener. With a loan that it just signed with the European Investment Bank (EIB), the Greek company covered 75% of the total costs of an 816 MW solar power portfolio. They amount to as much as EUR 521 million, according to the European Union’s main financing institution.

The state-controlled natural gas supplier, importer and trader is also known as DEPA Emporias (in Greek), DEPA Commerce and DEPA Trading. The EUR 390 million package allows it to proceed with the investments in Western Macedonia, Thessaly and Central Greece.

EIB said its loan supports projects in so-called cohesion regions, where per capita income is lower than the European Union average. The portfolio is equivalent to the electricity needs of 278,000 households, it added.

Of note, Lightsource bp has just launched the construction of a 560 MW solar park in Greece.

DEPA Commercial to launch tenders next week

The Euro2day news website learned that DEPA Commercial would publish tenders for contractors for 500 MW already next week. It aims to sign the deals in the fall and immediately start construction works. The company expects to complete them in 19 to 22 months, the article adds.

DEPA Commercial’s goal is to install 1 GW in renewables. It intends to acquire wind farms as well and expand many projects with batteries, according to the media outlet. The company has applied for producer certificates for standalone battery energy storage systems (BESS) of an overall 200 MW. It also requested changes in some of the maturing photovoltaic projects to add the energy storage units.

Skylakakis: Solar power needs to be complemented with wind power, energy storage

Each solar power portfolio should be expanded with wind energy as well as storage for a more balanced development, according to Minister of the Environment and Energy Thodoros Skylakakis, who attended the signing ceremony.

Chief Executive Officer Konstantinos Xifaras said DEPA Commercial has earmarked a part of the solar power supply for its subsidiary Fysiko Aerio – Hellenic Energy Co. It distributes gas and electricity. The rest would be sold on the market. Notably, the company already owns an aggregator license (FOSE), allowing it to trade in the wholesale market on behalf of a group of producers.