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    Reference: 20200644
    Release date: 29 January 2021

    Promoter – Financial Intermediary




    The project comprises the development, construction and operation of three solar photovoltaic (PV) plants with a total installed capacity of ca 230MWp, in Kozani, West Macedonia prefecture, Greece.

    Additionality and Impact

    Financing this project supports Greek and European efforts for the promotion of electricity generation from renewable energy sources and a just transition. It is fully aligned with EIB policies related to renewable energy and climate change mitigation. The project is one of the largest PV projects developed in Greece, located in the Lignite Center of Western Macedonia, and has secured one of the lowest feed-in-premium tariffs encountered in Greece. Therefore, electricity consumers and the environment are expected to benefit, as are workers in the just transition region that will be able to benefit from new employment opportunities. The project will thus help address multiple market failures and improve social and economic cohesion in Western Macedonia and Greece.
    The Bank is contributing to the fulfilment of the above public policy goals, the implementation of the specific project and the strategy of the promoter by providing a long-term debt facility at optimal terms under a limited recourse Project Finance structure. This financing structure / method is for the first time implemented by the promoter and a successful outcome with the assistance of the Bank, its co-lenders and their advisors will strengthen the capacity of the company to manage complex projects and financing methods, diversifying thus its funding sources for implementing its overall ambitious strategic plan.


    The project will promote the security of supply in a cohesion region, through renewable energy resources, contributing towards combatting climate change and its impacts. The development of solar energy supports EU and national targets for renewable energy generation and contributes to the Bank's renewable energy, energy efficiency, as well as climate action objectives (climate change mitigation). The PV plants will be installed at the Lignite Center of Western Macedonia, in the Prefecture of Kozani, Greece.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 33 million

    Total cost (Approximate amount)

    EUR 143 million

    Environmental aspects

    All the project components (PV plants, ancillary facilities) fall under Annex II of the EIA Directive 2014/52/EU amending the EIA Directive 2011/92/EC, and have been screened-in by the competent authorities. The environmental impact assessments (EIA) have been completed and the relevant environmental permits have been issued. The environmental procedure followed for the project and the compliance with the relevant EU Directives, specifically Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), will be reviewed during the appraisal.


    The Bank will require the Promoter to ensure that contracts for implementation of the project have been tendered in accordance with the applicable EU procurement legislation (Directive 2014/24/EU / 2014/25/EU as well as Directive 92/13/EEC or Directive 89/665/EEC), as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.


    Signed - 21/12/2022


    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).

    Related tags

    Greece Energy