The renewable energy division of Greek power utility PPC SA has successfully secured a debt financing arrangement for a 550-megawatt solar complex, slated for construction at the site of a former lignite mine in Greece's Western Macedonia region.
The syndicated financing, organized under the country's National Recovery and Resilience Plan, comprises a long-term loan amounting to EUR 294.4 million (USD 320.3 million). Notably, EUR 184 million of this sum is provided by the Greek Recovery and Resilience Facility (RRF), with an additional EUR 110.4 million contributed through co-financing by domestic lenders Eurobank and Piraeus Bank. The remaining EUR 73.6 million will be sourced from the developer's reserves.
The Phoibe photovoltaic (PV) project, estimated to cost EUR 368 million, will be located in the municipalities of Eordaia and Kozani in northwestern Greece. The solar complex is set to feature approximately 950,000 bifacial panels mounted on single-axis trackers, covering an extensive 10 million square meters of land. Construction is projected to be completed by 2025.
Once operational, the PV park is expected to generate around 1 terawatt-hour (TWh) of electricity annually. This output is equivalent to the consumption of 200,000 homes and represents nearly 2.5% of the country's domestic electricity generation.
