DEPA Commercial, the commercial arm of Greece's state-controlled natural gas supplier Public Gas Corporation of Greece AE, has secured EUR 390 million (USD 423.6 million) in debt financing from the European Investment Bank (EIB) for a major solar power initiative.
The loan, announced by the EIB on Wednesday, will finance approximately 75% of the total project cost, which is projected to be up to EUR 521 million. DEPA Commercial plans to develop and operate photovoltaic (PV) parks across western Macedonia, Thessaly, and central Greece. The solar farms are expected to generate enough electricity to power about 278,000 homes annually.
This funding forms part of DEPA Commercial's broader strategy to invest EUR 500 million in renewable energy over the next four years. The initiative aligns with the company's goal of expanding its solar investments and supporting Greece's green energy transition targets.
EIB Vice-President Ioannis Tsakiris commented, “Scaling up energy investment is crucial to improve network reliability, harness Greece's solar-energy potential and contribute to the country's energy transition.”
