Eurobank and Piraeus finance the large 550 MWp photovoltaic project of PPC Renewables in Ptolemaida

• Joint venture financing of Phoebe Energieaki Monoprosopi S.A., a subsidiary of PPC Renewables, with Eurobank as organizer and Eurobank and Piraeus Bank as co-organizers

• In the context of the National Recovery and Resilience Plan “Greece 2.0”

• One of the largest PV plants in Europe which will cover almost 2.5% of the domestic energy production – 550 kt of CO2 per year avoided

With Eurobank as event coordinator and Eurobank and Piraeus Bank as co-organizers, the signature of syndicated financing of Fobi Energy Monoprosopi S.A., a subsidiary of PPC Renewables, within the framework of the National Recovery and Resilience Plan “Greece 2.0”. The financing ensures the completion of the construction of one of the largest Photovoltaic (PV) Stations in Europe, with a nominal power of 550 MWp, a milestone for the PPC Group and a milestone for the energy transition and decarbonization of Greece.

The new photovoltaic project “Phoebe“, which expected to be completed within 2025, will be developed in the Lignite Center of Western Macedonia. It consists of three different sub-areas with a total area of ​​approx 10,000 acres in which approximately 950,000 bifacial technology PV panels are to be installed. For the best possible utilization of solar energy, the photovoltaic panels will be installed on single-axis trackers.

After completing and connecting to the System, the production of the PV Station is expected to reach 1 TWh, energy corresponding to the needs of approximately 200,000 households and which is going to cover almost 2.5% of the domestic energy production. At the same time, the operation of the station prevents the emission of 550 kt of CO2 per year.

The “Phoebe” investment project, with a total budget of €368 million, is part of the Green Transition pillar of the Recovery and Resilience Fund. The financing of the project includes the granting of a long-term loan, totaling €294.4 million, with the utilization of loan funds, amounting to €184 million, from TAA resources, and with co-financing of €110.4 million from Eurobank and Piraeus. Piraeus Bank was appointed as the representative of the Bondholders and Eurobank was appointed as the Payment Administrator. The remaining 20% ​​of “Phoebe’s” investment project, amounting to €73.6 million, will be covered by the company’s own funds.

The Commander of the Special Coordination Service of the Recovery Fund, Mr. Orestis Kavalakis, pointed out: “The Recovery Fund – Greece 2.0 has as its central objective the green transition, which is based on the penetration of renewable energy sources. The loan agreement for the creation of the largest single photovoltaic park in the country and indeed in Western Macedonia is an important step in the pursuit of this goal.”

The CEO of PPC Renewables, Mr. Konstantinos Mavros, emphasized: “We continue with the same and even greater momentum to take advantage of every competitive financial tool that ensures the development and progress of the PPC group. However, in the case of this particular investment, we are taking another important step. We take advantage of the possibilities provided by the National Recovery and Resilience Plan “Greece 2.0″, create the largest single photovoltaic park in the country, contribute to the social cohesion and economic development of Ptolemaida and by extension Western Macedonia and participate in the overall green transition of Greek economy. It is one of the cases where the social footprint meets the business initiative and the positive economic result has a social sign as well. We thank the Greek State and the Greek banking system for their continued trust.”

Eurobank’s Deputy CEO and Head of Corporate & Investment Banking, Mr. Konstantinos Vassiliou, noted: “We are particularly proud of the signing of this important financing agreement for the country’s largest single photovoltaic park in terms of installed capacity. This is a project of major importance developed by PPC Renewables and will contribute decisively to the de-lignification of the region of Western Macedonia and, by extension, to the national goal of energy autonomy without a carbon footprint. Eurobank firmly supports PPC Group’s impressive transformation towards the green transition and I would like to congratulate the management team of PPC Renewables for its effective implementation, as well as thank the excellent teams of Eurobank, the Ministry and Piraeus Bank for their coordinated and intensive effort to reach this agreement.”

The Executive General Manager, Chief Corporate & Investment Banking of Piraeus Bank, Mr. Theodoros Tzouros, underlined: “”The financing of the specific project is in line with the long-term strategy and commitment of Piraeus Bank to support sustainable investments, large-scale projects of Renewable Energy Sources ( RES) that contribute decisively to the transition to a low-carbon economy in the context of national energy goals. At Piraeus Bank we are proud to financially support “PPC Renewables” in the construction of the largest single photovoltaic park in Greece that will accelerate the de-lignification of the region of Western Macedonia, while also utilizing funds from the “Development and Resilience Fund”. The signing of this emblematic agreement could not have taken place without the kind cooperation of the PPC Renewables teams, the Ministry and Eurobank.”_