European Investment Bank Commits EUR 28.5 Mn for Three Solar Plants for Greece

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PPC Renewables, which is a wholly-owned subsidiary of the Public Power Corporation SA, Greece’s largest power generation company, has announced that it will establish three solar power plants, that will boast of a cumulative capacity of 230 MWp. This is set to be among the largest solar energy projects developed or in the pipeline in Greece, as per European Investment Bank (EIB).

The European Investment Bank is a multilateral financial institution in the world and one of the largest providers of climate finance. The institution has committed EUR 28.5 Mn for the said projects that are to come up in Kozani.

The Kozani solar power project consists of 18 project sites adding up to a total of 204 MW capacity and it is one of the largest in Europe. Once fully ramped up, Kozani project will deliver up to 320 million kilowatt-hours (KWh) per annum supplying electricity to more than 75,000 households.

The three solar power plants that have been announced are a part of Greece’s National Energy and Climate Plan (NECP). They are being set up with a view to propel the use of renewable energy sources and augmenting the supply of electricity from renewable sources in the long term.

As revealed by Christian Kettel Thomsen, EIB Vice-President looking into lending in Greece, the European Investment Bank will further finance Greece’s projects on electricity generation and advance support to climate action and environmental sustainability to over 50% of its overall lending activity.

The EIP maintains that in the last ten years, it has facilitated over EUR 4.3 billion for the purpose of energy investment in Greece. This entails improving connections to Greek islands, exploiting renewable energy, as well as accelerating investment for energy efficiency.

Greece is making noteworthy progress on the renewables front. In October 2022, the country revealed that its electric grid operated entirely on 100 per cent renewables– a first for the country.