January 19 (Renewables Now) - PPC Renewables, part of Greek power utility PPC SA (ATH:PPC), will build three solar parks totalling 230 MWp in Greece’s Western Macedonia region with funding from the European Investment Bank (EIB).
The EIB said on Wednesday it will extend to the Greek company some EUR 28.5 million (USD 30.8m) in debt, backed by an EU budget guarantee under the InvestEU programme. The funding is set to increase to EUR 35 million over the next few months.
PPC Renewables’ plan is to install the photovoltaic (PV) farms in the Kozani regional unit. Specific details about the schemes and the overall investment required for their execution were not provided. The project is one of the largest solar energy developments in Greece, according to the press release.
The EIB said it is extending the debt as part of a EUR-102.4-million project finance debt package consisting of term loans and a medium-term construction VAT debt. Its local partners in the initiative are domestic lenders Eurobank SA and the National Bank of Greece SA.
Under its 2022-2026 business plan, PPC aims to grow its installed renewables fleet to 7.2 GW by 2024 and 9.5 GW by 2026 and move away from coal. The utility has committed to investing EUR 9.3 billion in support of the goal.
(EUR 1.0 = USD 1.079)