The commercial arm of Greek state-controlled natural gas supplier Public Gas Corporation of Greece AE, better known as DEPA, will receive EUR 390 million (USD 423.6m) in debt financing to deploy roughly 800 MW of solar power capacity in its home country.
The funding for the initiative will be extended by the European Investment Bank (EIB), the lender said on Wednesday. The loan will cover about 75% of the project’s overall costs, which is expected to reach up to EUR 521 million.
DEPA Commercial’s plan is to build and operate photovoltaic (PV) parks in the regions of western Macedonia, Thessaly, and central Greece. Once commissioned, the plants will be able to generate electricity to cover the consumption of around 278,000 homes annually.
The debt package will back DEPA Commercial’s plan to spend EUR 500 million on renewable energy over the next four years, in line with its strategy of scaling up solar investments and supporting Greece’s green energy transition targets.
“Scaling up energy investment is crucial to improve network reliability, harness Greece’s solar-energy potential and contribute to the country’s energy transition,” said EIB’s vice-president Ioannis Tsakiris.
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