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    Référence: 20210711
    Date de publication: 28 juillet 2023

    Promoteur – Intermédiaire Financier




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

    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.


    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.


    • Énergie - Production et distribution d'électricité, de gaz, de vapeur et d'air conditionné

    Montant BEI envisagé (montant approximatif)

    EUR 390 million

    Coût total (montant approximatif)

    EUR 522 million

    Aspects environnementaux

    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.

    Passation des marchés

    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.


    Signé - 16/07/2024

    À l'examen
    20 juin 2024
    16 juillet 2024

    Clause de non-responsabilité

    Avant d’être approuvés par le Conseil d’administration et avant la signature des prêts correspondants, les projets font l’objet d’une instruction et de négociations. Par conséquent, les informations et données fournies sur cette page sont indicatives.
    Elles sont fournies à des fins de transparence uniquement et ne peuvent être considérées comme représentant la politique officielle de la BEI (voir également les notes explicatives).

    Mots-clés correspondants

    Grèce Énergie