Eurobank A.E. and the Greek government have joined forces to finance an ambitious solar project being carried out by Enipeas Single-Member S.A., a subsidiary of Lightsource bp. This project is part of the National Recovery and Resilience Plan, dubbed “Greece 2.0”, designed to stimulate the country’s energy transition and decarbonization. Eurobank stands out as the sole financial institution for this project, taking an active part in one of Europe’s largest solar projects, with a nominal capacity of 560 MWp.
Investment and leadership from Lightsource bp
The total investment required for this project is estimated at 395.15 million euros. This project marks an important milestone for Lightsource bp, which began operations in the UK in 2010. Since then, the company has developed over 8.4 GW of installed capacity across 19 markets. The company entered the Greek market in 2020, accumulating a portfolio of solar and storage projects exceeding 1 GW. For Eurobank, this financing represents a concrete commitment to supporting Greece’s energy transition.
Projections and environmental impact
The project is scheduled for completion in 2026, and is expected to generate 0.90 TWh per year from the first year of operation, enough to power around 225,000 homes. This will represent almost 2% of Greece’s domestic energy production, while avoiding the emission of 379 kt of CO2 annually. An official ceremony was held at Eurobank headquarters to formalize the financing, in the presence of key figures such as Susan Geary, Consul General and Deputy Head of Mission at the British Embassy in Athens, Orestis Kavalakis, Governor of the Special Coordination Unit of the Recovery Fund, Nick Boyle, Co-CEO of Lightsource bp, Natalia Paraskevopoulou, Legal Representative of Enipeas S. A. and Lightsource bp’s Head for Greece, and Konstantinos Vasileiou, Deputy Managing Director of Eurobank.A. and responsible for Lightsource bp in Greece, and Konstantinos Vasileiou, Deputy Managing Director of Eurobank.
Financing details and regional development
The project’s total investment of €395.15 million is financed by a long-term loan of €315.34 million, supplemented by €170 million from the Fonds de Relance et de Résilience, and €145.34 million from Eurobank. The remaining 20% of the investment, i.e. 79.82 million euros, will be covered by Lightsource bp’s own funds.
The Enipeas project will be developed in the Larissa and Fthiotida regional units and will comprise two distinct sub-areas: a 400 MWp southern cluster and a 160 MWp northern cluster, covering a total area of around 6,926 acres, where 968,630 photovoltaic modules will be installed. Orestis Kavalakis stressed that this loan agreement marked the implementation of a key investment in the Greek region, attracting foreign capital and focusing on renewable energy sources with an impact at national and European level.
