PPCR SOLAR PV & BATTERIES FL

Promoter – Financial Intermediary

PPC RENEWABLES SA

Location

• Greece

Description

The framework loan (FL) will finance renewable energy and battery energy storage projects in Greece.

Objectives

The aim is to contribute to the EU-wide target of 42.5% of energy from renewable sources in gross final energy consumption (RES) for 2030, in line with the revised EU Renewable Energy (RE) Directive (EU 2023/2413). The operation will also help to achieve the REPowerEU objectives which aim at increasing the RES 2030 target from 32% to 45%. Additionally, it will further support the national renewable energy targets laid out in the Greek National Energy and Climate Plan (NECP). It is expected that the schemes will be located in the Cohesion Priority Regions (less developed) and in the Just Transition Regions.

Sector(s)

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

Proposed EIB finance (Approximate amount)

EUR 195 million

Total cost (Approximate amount)

EUR 457 million

Environmental aspects

The schemes are expected to fall under Annex II of the environmental impact assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU, requiring the competent authorities to determine whether an EIA is required. Overhead transmission lines for the interconnection of the schemes to the grid falling under the Annex I will be expected to be subject in all cases to an EIA process. The schemes of the proposed operation have been screened in and an EIA has been performed. The schemes have been awarded the environmental permit to proceed with implementation. The EIB will assess the capacity and procedures of the promoter to ensure the schemes' compliance with the sector-relevant national and European environmental regulations. The authorisation procedure and compliance of the schemes 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 schemes, in particular the potential cumulative impacts assessment and the impacts on protected flora and fauna, including Natura 2000 sites.

Procurement

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 require the promoter to apply those rules.

Status

Under appraisal - 12/03/2024