Greek Power Giant PPC Secures Funding for Ambitious Solar Venture

Greek power utility PPC SA's renewables arm has secured debt financing for a 550 MW solar project at a former lignite mine in Greece's Western Macedonia region. The financing, arranged under the country's National Recovery and Resilience Plan, includes a long-term loan of €294.4m ($320.3m), with €184m coming from the Greek Recovery and Resilience Facility and €110.4m from domestic lenders Eurobank and Piraeus Bank. The remaining €73.6m will be sourced from the developer's own reserves. The Phoibe photovoltaic project is estimated to cost €368m and is expected to be completed by 2025.

The solar complex, to be located in the municipalities of Eordaia and Kozani, will feature approximately 950,000 bifacial panels mounted on single-axis trackers across 10 million sq m of land. Once operational, the project is projected to generate about 1 TWh of electricity annually, equivalent to the consumption of 200,000 homes and nearly 2.5% of domestic electricity generation.