The European Investment Bank (EIB) is providing €390 million to Greece’s DEPA Commercial SA for the construction and operation of solar parks across the country.
This financing covers 75% of the total cost of the new photovoltaic (PV) sites, estimated at 521 million euros.
Boosting renewable energy capacity in Greece
DEPA Commercial plans to deploy photovoltaic farms in Western Macedonia, Thessaly and Central Greece.
The project aims to add around 800 megawatts of renewable energy capacity in Greece, enough to power the equivalent of 278,000 homes a year.
This funding supports investments in “cohesion” regions where per capita income is below the European Union (EU) average, thus affirming the EIB’s commitment to equitable growth and convergence of living standards.
Official signatures and declarations
The loan agreements are signed by EIB Vice-President Ioannis Tsakiris, DEPA Commercial CEO Konstantinos Xifaras and Chairman of the Board Ioannis Papadopoulos at a ceremony in Athens.
Also present were the Minister of Economy and Finance, Kostis Hatzidakis, and the Minister of Environment and Energy, Theodoros Skylakakis.
Kostis Hatzidakis emphasized that the agreement would provide invaluable support for DEPA Commercial’s new projects, while Theodoros Skylakakis highlighted the many benefits of this initiative, including lower electricity costs for consumers and enhanced energy security for the country.
Impact on Greece’s energy transition
EIB Vice-President Ioannis Tsakiris says that increased energy investment is crucial to improving grid reliability, exploiting Greece’s solar potential and contributing to the country’s energy transition.
He adds that photovoltaic farms will play an important role in increasing the use of renewable and sustainable energies in Europe.
DEPA’s commitment to sustainability
Konstantinos Xifaras, CEO of DEPA Commercial, expresses the company’s commitment to sustainability and energy security.
He affirms that the EIB financing reinforces DEPA’s strategic plan of recent years to promote solar projects, aligned with Greece’s and Europe’s ecological transition objectives.
Continued EIB support for energy investment in Greece
Since 1964, the EIB has financed long-term energy investments with a number of Greek partners, including the Public Power Corporation (PPC), the Hellenic Electricity Distribution Network Operator (HEDNO) and the Independent Power Transmission Operator (IPTO).
Over the past decade, the bank has provided more than 4.3 billion euros for energy investments in Greece, including major upgrades to connect the Greek islands to the grid and accelerate energy efficiency.
This project also forms part of the European Union’s RepowerEU plan, aimed at reducing dependence on fossil fuel imports, accelerating the green transition and achieving climate neutrality by 2050.
The EIB continues to support competitiveness, innovation and sustainable development, while promoting inclusive growth and convergence of living standards in cohesion regions.
In 2023, the EIB and the European Investment Fund (EIF) signed loans totalling 2.5 billion euros in Greece, 33% of which went to support sustainable energy and natural resources projects.
Overall, the EIB Group signed 88 billion euros of new financing in 2023, demonstrating its commitment to EU policy objectives.
