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    Signature(s)

    Amount
    € 390,000,000
    Countries
    Sector(s)
    Greece : € 390,000,000
    Energy : € 390,000,000
    Signature date(s)
    16/07/2024 : € 48,000,000
    18/07/2024 : € 100,000,000
    16/07/2024 : € 242,000,000
    Link to source

    Summary sheet

    Release date
    28 July 2023
    Status
    Reference
    Signed | 16/07/2024
    20210711
    Project name
    Promoter - financial intermediary
    DEPA RENEWABLE ENERGY FRAMEWORK LOAN
    DEPA COMMERCIAL SA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 390 million
    EUR 522 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    The operation, structured as a framework loan, will finance the development, implementation and operation of a portfolio of photovoltaic (PV) farms in Greece.

    The aim is to increase renewable energy generation capacity, therefore contributing to the EU-wide targets of energy from renewable energy sources, including the Renewable Energy Directive (RED II) and RePowerEU. It will further contribute to the national renewable energy targets of the Greek Energy and Climate Plan (NECP). Additionally, the operation contributes to the EIB's lending priority objectives on Renewable Energy, Climate Action, Environmental Sustainability, as well as partially towards Economic and Social Cohesion. The project also contributes to the EIB's just transition objective, since about 70% of the projects will be located in Just Transition regions (c.570MW). Moreover, the PV plants will provide new generation capacity in a sector characterised by incomplete markets, relying on contracts with exposure to residual market risks. It is therefore expected to contribute also to the policy objective of supporting market integration of renewable energy projects.

    Additionality and Impact

    This Project concerns the development and operation of a portfolio of solar PV plants in Greece. It will support the 2030 targets set out in the Greek National Energy and Climate Plan and the REPowerEU action plan.


    The financing of this Project also contributes to the Bank's lending priority objectives on Energy (Renewable Energy), Environmental Sustainability and Climate Action (transversal) as well as Social and Economic Cohesion.


    As the Project will produce electricity from low carbon sources, it will address the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation).


    It is expected that the Project will rely on revenues from (i) commercial power purchase agreements ("cPPAs") and (ii) the wholesale market, therefore it is expected to improve market efficiency and competition.


    On project quality, the level of the Promoter's governance and risk management capability after mitigation measures is deemed fair. The Project is expected to have a positive economic return, considering the economic value of the electricity generated. Therefore, the Project is expected to generate a positive broader social benefit by generating clean and renewable power at a cost (levelized cost of electricity - "LCOE") reasonably below the cost of fossil-fuel based alternatives in Greece.


    The Bank's financial contribution is considered very good and valuable to the Promoter, as the EIB's offering is more favourable than market alternatives under various dimensions. Also, the Promoter deems the EIB financing as a quality stamp on its investments and environment-related procedures, which helps attract investors and co-financiers.


    Environmental aspects
    Procurement

    PV plants fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by Directive 2014/52/EU), require the competent authorities to determine whether an EIA is mandatory. Some projects of the pipeline have been screened in and have performed an EIA. The requirements of an EIA, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC will be verified during the appraisal.

    The promoter has to ensure that the contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation Directive 2014/24/EU, 2014/25/EU, as well as Directive 92/13/EEC, as interpreted by the EU Court of Justice, with publication of tender notices in the EU Official Journal, as and where required.

    Milestone
    Under appraisal
    Approved
    Signed
    20 June 2024
    16 July 2024
    Link to source

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - DEPA RENEWABLE ENERGY FRAMEWORK LOAN
    Publication Date
    22 Jun 2024
    Document language
    Main Topic
    Lending
    Document Number
    182060597
    Document Focus
    Environmental Information
    Project Number
    20210711
    Sector(s)
    Regions
    Countries
    Publicly available
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