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    Reference: 20210711
    Release date: 28 July 2023

    Promoter – Financial Intermediary

    DEPA COMMERCIAL SA

    Location

    Description

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

    Objectives

    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.

    Sector(s)

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

    Proposed EIB finance (Approximate amount)

    not disclosed

    Total cost (Approximate amount)

    not disclosed

    Environmental aspects

    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.

    Procurement

    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.

    Status

    Approved - 20/06/2024

    Milestone
    Under appraisal
    Approved
    20 June 2024

    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).

    Related tags

    Greece Energy