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The project will finance renewable energy and battery energy storage projects in Greece.
The operation aims to finance part of the promoter's pipeline of wind, solar, and battery storage projects. It will contribute to achieving the 2030 decarbonisation targets set out in Greece’s National Energy and Climate Plan (NECP) and is therefore eligible under Article 309, point (c) — common interest. Most of the underlying projects are expected to be located in Less Developed Regions, making them also eligible under Article 309, point (a). The underlying projects are expected to be economically viable, generating clean and renewable electricity at a levelised cost of energy below that of fossil-fuel alternatives in Greece.
Due to their technical characteristics, most of the individual schemes and most of the ancillary infrastructure are expected to fall under Annex II of the environmental impact assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU (apart from the battery energy storage systems which do not fall under any of the annexes of the Directive), requiring the competent authorities to determine whether an EIA is required. New overhead transmission lines for the interconnection of the schemes to the grid, if part of the project and if falling under Annex I due to their technical characteristics, will be expected to be subject in all cases to an EIA process. Some of the schemes in the preliminary project portfolio have already undergone an EIA process and obtained positive environmental decision. The Bank will assess the capacity and capability of the promoter to implement the schemes in line with EIB Environmental and Social Standards and requirements. For large allocations, the authorization procedure and compliance with the relevant EU directives, specifically Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), will be further assessed during the appraisal of the individual scheme, in particular the potential cumulative impacts assessment and the impacts on protected flora and fauna, including Natura 2000 sites. Given that China largely dominates the market of photovoltaic solar panels, and media reports about the risk of forced labour, the Bank will apply for PV schemes an enhanced due diligence on the topic, in line with the EIB's Environmental & Social Standards. The project is expected to contribute to Climate Action and Environmental Sustainability objectives, in particular to climate change mitigation and pollution prevention and control.
The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the promoter to apply those rules.