Financing received for 230 MW Solar project in Greece

PPC Renewables has been granted EUR28.5 million (US$30.85 million) financing by the European Investment Bank (EIB) for the development of the 230 MW solar photovoltaic project located in Kozani in Western Macedonia, Greece.

The project, which is one of the largest solar energy projects developed and under implementation in Greece, is also part of the strategic transformation plan of the PPC Group which puts a special focus on the promotion of renewable energy.

The EIB financing is part of a EUR102.4 million (US$110.69 million) Project Finance debt package comprising EUR95.1 million (US$102.8 million) long-term facilities and EUR7.3 million (US$7.9 million) medium-term construction VAT financing. EIB worked together with Eurobank SA (ERB) and National Bank of Greece SA (NBG), which committed in equal shares 70% of the long-term facilities and 100% of the medium-term VAT financing.