Eurobank AE and the Greek Public State have teamed up to provide financing for Enipeas Single-Member SA, a subsidiary of Lightsource bp, for the development of a 560MWp solar project spanning Larissa and Fthiotida in Greece. This partnership forms a crucial component of Greece's National Recovery and Resilience Plan, ‘Greece 2.0', aimed at driving economic recovery and sustainable growth.
Eurobank takes the lead in financing Enipeas, marking a significant milestone in Lightsource bp's expansion in Europe, particularly in Greece. With a total investment of €395.15 million, this project underscores Eurobank's commitment to supporting Greece's energy transition and decarbonization efforts.
According to Lightsource bp, the Enipeas solar project, slated for completion in 2026, is poised to become one of Europe's largest solar ventures, generating an estimated 0.90TWh in its inaugural year of operation. This output is equivalent to powering 225,000 households, contributing nearly 2% to domestic energy production and averting approximately 379 kt of CO2 emissions annually.
A formal ceremony held at Eurobank Headquarters marked the official initiation of financing, attended by notable figures including Susan Geary from the British Embassy in Athens, Orestis Kavalakis from the Greek Recovery Fund, Nick Boyle and Natalia Paraskevopoulou from Lightsource bp, and Konstantinos Vasileiou from Eurobank.
Kavalakis expressed optimism about the project's impact, stating, “The loan agreement marks the implementation of a key investment in the Greek region, attracting foreign capital and focusing on renewable energy sources with an impact at the national and European level.”
Boyle emphasized the significance of the collaboration, stating, “We're grateful to the Greek government and Eurobank for their support on what is a massive achievement for Lightsource bp.”
The financing structure encompasses a long-term loan of €315.34 million, with €170 million sourced from RRF resources and €145.34 million financed by Eurobank. Lightsource bp will contribute €79.82 million from its own funds, covering the remaining 20% of the investment.
The Enipeas solar project, sprawling across Larissa and Fthiotida, comprises two distinct clusters – a 400MWp southern cluster and a 160MWp northern cluster, spanning approximately 6926 acres and accommodating 968,630 PV modules.
This investment aligns with the Green Transition pillar of the Recovery and Resilience Fund (RRF), reflecting Greece's commitment to advancing clean energy initiatives and fostering sustainable development.
Boyle added, “It has been more than three years since we started our operations in Greece, and we have hit the ground running thanks to the efforts of our local team. The agreement enables the 560MWp Enipeas project to begin delivering inward investment for Greece, alongside cheaper, cleaner and more secure energy.”
