The European Investment Bank (EIB) has committed €28.5 million (US$30.8 million) to support the construction of 230MWp of solar PV projects in Greece’s Western Macedonia region.
The capacity will be spread over three facilities in Kozani and be developed by Greek utility PPC Renewables, a subsidiary of Public Power Corporation.
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The EIB funding is backed by the InvestEU scheme, which leverages public and private funds to develop sustainable investments. The solar projects form part of the Greek government’s National Energy and Climate Plan, which outlines specific goals for the country’s energy transition up to 2030 and beyond.
“Looking ahead, the EIB is following developments in the Greek electricity sector and stands ready to finance sound projects in line with its Climate Bank Roadmap, the commitment to increase the level of support to climate action and environmental sustainability to exceed 50% of its overall lending activity,” said Christian Kettel Thomsen, EIB vice-president responsible for lending in Greece.
The EIB said that it has provided over €4.3 billion (US$4.6 billion) in funding to Greek energy projects in the last decade. In December, the EIB signed agreements with utilities in Poland and the Czech Republic to modernise the countries’ distribution networks. This followed a November announcement of €30 billion (US$32.4 billion) in loans and financing to shore up Europe’s renewable energy industry.
In October 2021, PPC Renewables established a joint venture with German energy major RWE to develop 2GW worth of solar across Greece.