PPC Renewables bags EIB funding for 230-MWp solar project in Greece

• PPC Renewables, part of Greek power utility PPC SA (ATH: PPC), will certainly build 3 solar parks totalling 230 MWp in Greece's Western Macedonia area with financing from the European Investment Bank (EIB).

The EIB claimed on Wednesday it will certainly encompass the Greek business some EUR 28.5 million (USD 30.8 m) in the red, backed by an EU budget assurance under the InvestEU programme. The funding is set to raise to EUR 35 million over the following couple of months.

PPC Renewables' plan is to mount the photovoltaic (PV) farms in the Kozani regional unit. Specific details regarding the systems as well as the total investment required for their implementation were not given. The project is just one of the largest solar energy developments in Greece, according to journalism launch.

The EIB stated it is prolonging the debt as part of a EUR-102.4-million project finance debt bundle consisting of term loans as well as a medium-term construction VAT debt. Its neighborhood companions in the initiative are domestic loan providers Eurobank SA as well as the National Bank of Greece SA.

Under its 2022-2026 business plan, PPC aims to grow its mounted renewables fleet to 7.2 GW by 2024 and 9.5 GW by 2026 as well as move far from coal. The utility has committed to spending EUR 9.3 billion on behalf of the goal.