Eurobank AE and the Greek Public State have entered into a financing agreement with Enipeas Single-Member SA, a subsidiary of Lightsource bp, for the financing of its 560MWp solar project in Larissa and Fthiotida, Greece.
The deal is part of the country’s National Recovery and Resilience Plan ‘Greece 2.0′.
Eurobank exclusively leads and is the sole financial institution financing the Enipeas site, which is one of the largest solar projects in Europe, with a nominal capacity of 560MWp.
The completion of the project will require a total investment of €395.15m.
This deal marks a key milestone for Lightsource bp’s growth in Europe and in Greece, said the developer. The company entered the Greek market in 2020 and has since developed a portfolio of solar and storage projects exceeding 1GW.
For Eurobank, the financing of such a significant solar project underscores the bank’s tangible commitment to support the country’s energy transition and decarbonisation efforts, Lightsource added.
The project is expected to reach completion and be connected to the grid in 2026. In the first year of operation, it is expected it will generate 0.90TWh, equivalent to powering 225,000 households, covering almost 2% of domestic production and avoiding 379 kt CO2 emission annually.
A ceremony was held at the Eurobank Headquarters for the formalisation of the financing, in the presence of consul general and deputy head of mission at the British Embassy in Athens Susan Geary, governor of the special coordination service of the Recovery Fund Orestis Kavalakis (pictured far right), Lightsource bp co-chief executive Nick Boyle (second right), Lightsource bp head of country for Greece Natalia Paraskevopoulou (second left) and Eurobank deputy chief executive Konstantinos Vasileiou (far left).
The €395.15m total investment falls under the Green Transition pillar of the Recovery and Resilience Fund (RRF).
The financing of the project includes the granting of a long-term loan of €315.34m, with the utilisation of borrowed funds, amounting to €170m from RRF resources, and financing of €145.34m by Eurobank.
The remaining 20% of the investment, totalling €79.82m, will be covered by Lightsource bp’s own funds.
The Enipeas solar project will be developed in the regional units of Larissa and Fthiotida and will consist of two different sub-areas, a 400MWp southern cluster and a 160MWp northern cluster, covering a total area of approximately 6926 acres, where 968,630 PV modules will be installed.
“The loan agreement marks the implementation of a key investment in the Greek region, attracting foreign capital and focusing on renewable energy sources with an impact at the national and European level,” said Kavalakis.
“The loan program of the Recovery Fund – Greece 2.0 supports investments of both large and smaller scale in clean energy and green transition, which are crucial for the country’s energy autonomy, sustainability, and environmental protection.”.
Lightsource chief executive Boyle added: “We’re grateful to the Greek government and Eurobank for their support on what is a massive achievement for Lightsource bp.
“It has been more than three years since we started our operations in Greece, and we have hit the ground running thanks to the efforts of our local team. The agreement enables the 560MWp Enipeas project to begin delivering inward investment for Greece, alongside cheaper, cleaner and more secure energy.”