EIB funds PPC Renewables for solar farms

The new solar farms in Kozani, Western Macedonia, supported by the European Investment Bank (EIB) and InvestEU, are a major step towards Greece’s National Energy and Climate Plan. The 230MWp capacity farms will allow for increased use of renewable energy resources and a decrease in dependence on fossil fuels in the electricity sector, while also ensuring long-term security of supply.

This project, which is one of the largest solar energy projects currently in development and implementation in Greece, is also a key component of the PPC Group’s strategic transformation plan, which prioritizes the promotion of renewable energy.

The EIB’s financing is part of a €102.4 million Project Finance debt package, including €95.1 million in long-term facilities and €7.3 million in medium-term construction VAT financing. The EIB collaborated with Eurobank SA (ERB) and National Bank of Greece SA (NBG), who committed to equal shares of 70% of the long-term facilities and 100% of the medium-term VAT financing.

The EIB has been financing long-term investments by the PPC Group since 1964. In the past decade, the bank has provided over €4.3 billion for energy investments in Greece through PPC and other public and private Greek energy partners, including improving connections to Greek islands, harnessing renewable energy, and accelerating energy efficiency investment.

The EIB is the long-term lending institution of the European Union, owned by its Member States. Its purpose is to make long-term finance available for sound investments that support EU policy goals.

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