Eurobank A.E. and the Greek government have teamed up 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 project requires a total investment of €395.15 million, as Lighthouse announced on Monday.
A Landmark Investment in Greek Renewable Energy
A global leader in solar energy project development and management, Lightsource BP was established in 2010 and has since expanded its footprint across 19 markets, with an installed capacity surpassing 8.4 GW.
This agreement marks a pivotal moment for Lightsource BP’s expansion in Greece and across Europe. Since entering the Greek market in 2020, the company has developed a portfolio of over 1 GW in solar and storage projects. Eurobank’s financing for this major solar project underscores the bank’s commitment to supporting the nation’s energy transition and decarbonization goals.
Orestis Kavalakis, Governor of the Recovery and Resilience Facility Agency, highlighted the loan agreement’s importance: “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 to Power 225,000 Households
Scheduled for completion and grid connection by 2026, the project is expected to generate 0.90 TWh in its first year—enough to power 225,000 households. This output represents nearly 2% of domestic production and will prevent an estimated 379,000 tonnes 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). Its financing consists of a long-term loan of €315.34 million, which includes €170 million from RRF funds and €145.34 million from Eurobank. Lightsource BP will contribute the remaining 20% of the investment, providing €79.82 million from its own resources.
Nick Boyle, Group Co-CEO of Lightsource BP, thanked the Greek government and Eurobank for their support: “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.”
Project Details: 968,630 PV Modules on 6,926 Acres
The Enipeas solar project will span the regional units of Larissa and Fthiotida and is divided into two clusters: a 400 MWp southern cluster and a 160 MWp northern cluster. In total, the project will cover approximately 6,926 acres and involve the installation of 968,630 PV modules.
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Natalia Paraskevopoulou, Lightsource bp’s Head of Country for Greece, commented on the project’s significance: “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 560 MWp 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 firmly committed 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 focused on providing comprehensive solutions to Greek enterprises, leveraging resources from ‘Greece 2.0.’ These solutions help businesses implement viable strategies and modernize their operations, in turn stimulating employment and fostering innovation.
