The Public Energy Corp. (PPC) in Greece has secured €102.4 million ($111 million) in financing, with not less than €28.5 million from the European Funding Financial institution (EIB). The fund will help the development of 230 MW of PV capability in Ptolemaida, which is the coal mining area of Greece.
The EIB has revealed plans to offer €28.5 million in funding to Greece’s state-owned PPC. The EIB says the funds will attain a most of €35 million within the coming months, with which PPC Renewables, PPC’s renewables unit, will finance the development of three photo voltaic farms, totaling 230 MW.
The EIB financing constitutes “a part of a €102.4 million challenge finance debt package deal consisting of €95.1 million long run services and €7.3 million medium time period development VAT financing,” the financial institution stated in a press launch. Particularly, the EIB, which is the financing entity of the European Union, works with Greece’s Eurobank and Nationwide Financial institution of Greece, which collectively present 70% of the long-term services and 100% of the medium-term VAT financing.
The EIB mortgage comes from the InvestEU program, which brings collectively all EU monetary devices beneath one roof, to enhance the financing of inexperienced initiatives in a well timed, environment friendly method. As such, the mortgage is supported by an EU finances assure of €26.2 billion.
In 2021, the EIB additionally signed an settlement with the Greek finance ministry to assist handle as much as €5 billion as a part of Greece’s implementation of the nationwide restoration and stability plan, particularly the submit restoration plan -pandemic within the EU. The financial institution stated the mortgage helps three photo voltaic farms with a complete of 230 MW. pv journal understands that it’s a cluster with a 200 MW photo voltaic park along with two small photo voltaic farms, every with a 15 MW capability, in Ptolemaida, a mining area.
The three initiatives are defined individually as a result of they received totally different contracts in earlier rounds of renewable power tenders in Greece. Subsequently, the 200 MW challenge received a tariff of €0.04911/kWh in a young held in 2020 and two smaller initiatives had been additionally awarded contracts in separate tenders.
PPC Renewables Chief Govt Konstantinos Mavros stated pv journal that two smaller initiatives with a complete of 30 MW will probably be related to the grid in March, whereas the bigger 200 MW challenge will probably be related to the grid inside the subsequent 60 to 90 days.
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