Eurobank A.E. and the Greek government have collaborated to finance Enipeas Single-Member S.A., a subsidiary of Lightsource BP, as part of the National Recovery and Resilience Plan "Greece 2.0." The Enipeas project, boasting a capacity of 560MWp, stands as one of Europe's largest solar initiatives, exclusively funded by Eurobank. Completion of the project necessitates a total investment of €395.15 million. Lighthouse announced on Monday.
Solar Project Financed by Eurobank
Established in 2010, Lightsource BP, a prominent player in solar energy project development and management globally, has expanded its footprint across 19 markets, boasting an installed capacity surpassing 8.4 GW.
This agreement signifies a pivotal moment in Lightsource BP's European and Greek expansion. Since entering Greece in 2020, the company has cultivated a portfolio exceeding 1GW in solar and storage projects. Eurobank's financing of this substantial solar endeavour underscores the bank's dedication to bolstering the nation's energy transition and decarbonization initiatives.
Orestis Kavalakis, Governor of the Recovery and Resilience Facility Agency, highlighted the significance of the loan agreement, stating, "This investment is pivotal for the Greek region, drawing foreign capital and prioritizing renewable energy sources, with implications on both national and European scales. The Recovery Fund's loan program, Greece 2.0, backs investments in clean energy and green transition, crucial for enhancing the country's energy self-sufficiency, sustainability, and environmental preservation."
Project Powers 225,000 Households
The project is slated for completion and grid connection by 2026. In its inaugural operational year, it's anticipated to generate 0.90 TWh, sufficient to power 225,000 households, representing nearly 2% of domestic production and preventing 379 kt of CO2 emissions annually.
The project's total investment of €395.15 million aligns with the Green Transition objectives of the Recovery and Resilience Fund (RRF). Financing for the project comprises a long-term loan of €315.34 million, incorporating €170 million from RRF funds and €145.34 million from Eurobank. Lightsource BP will contribute the remaining 20% of the investment, amounting to €79.82 million from its resources.
Nick Boyle, Group Co-CEO of Lightsource BP, expressed gratitude towards the Greek government and Eurobank for their backing of a significant milestone for Lightsource bp. He remarked, "Since commencing operations in Greece over three years ago, we've made significant strides, thanks to the dedication of our local team. This agreement paves the way for the 560MWp Enipeas project to contribute to Greece's economic growth while providing access to more affordable, sustainable, and reliable energy."
968,630 PV Modules Installed on 6,926 Acres of Land
Spanning the regional units of Larissa and Fthiotida, the Enipeas solar project encompasses two distinct sub-areas: a 400MWp southern cluster and a 160MWp northern cluster, covering approximately 6,926 acres in total. The installation will involve 968,630 PV modules.
Natalia Paraskevopoulou, Lightsource bp's Head of Country for Greece, underscored the significance of commencing construction on Lightsource bp's leading project in Greece, leveraging the opportunities presented by the National Recovery and Resilience Plan 'Greece 2.0'. “Amidst the backdrop of persistent climate change, our project significantly contributes to a sustainable future, facilitating the availability of more affordable, cleaner energy nationwide, while actively advancing the nation's decarbonization objectives and energy self-reliance."
"The construction of the photovoltaic project with a total capacity of 560MWp is another strategic investment that will be added to the portfolio of Lightsource bp, a global leader in solar development, management, and operations," said Konstantinos Vassiliou, Deputy CEO of Eurobank and Head of Corporate & Investment Banking. “As a bank, we are steadfastly dedicated to funding sustainability initiatives that showcase the significant influence of the National Recovery and Resilience Plan, also known as "Greece 2.0," on the nation's social and economic development.”
Eurobank is strategically focusing on delivering holistic solutions to Greek enterprises using the resources from 'Greece 2.0'. These solutions empower businesses to execute feasible strategies and update their operations, consequently stimulating employment opportunities and cultivating innovation.