The European Bank for Reconstruction and Development (EBRD) has approved financing for a new solar power facility in Greece aimed at industrial electricity supply. The investment is intended to support decarbonisation efforts in the country’s steel sector. The project is structured around clean power generation for an industrial offtaker.
32 MW solar capacity for industrial electricity supply
The planned development includes construction of a 32 MW solar power plant. The facility will provide clean electricity to Hellenic Halyvourgia, a steel manufacturer. When operational, the plant is expected to cover approximately one-fifth of the company’s electricity demand.
The expected output is also described as a way to reduce exposure to volatile energy market prices. It is further linked to improving long-term energy cost stability for the industrial consumer.
Financing package and equity contributions
The total financing package is set at 18.9 million euros. The EBRD contribution amounts to 5.7 million euros. Greece’s Recovery and Resilience Facility program will provide an additional 9.4 million euros.
Hellenic Halyvourgia will finance the remaining 3.8 million euros through its own equity contribution. The financing structure combines support from multiple sources under the bank’s approved package.
Emissions reduction and climate alignment
The project is expected to deliver environmental benefits alongside changes in electricity sourcing. Annual carbon dioxide emissions from the company’s operations are projected to decline by more than 22,000 tons. The reduction is described as contributing to corporate sustainability targets and Greece’s broader climate commitments.
The investment is carried out under the EBRD co-financing framework tied to Greece’s recovery and resilience strategy. It also forms part of the wider Greece 2.0 modernization program supported through the European Union’s NextGenerationEU funding mechanism.
Role of renewables in Greece’s energy-intensive steel sector
Steel production remains among the most energy-intensive industrial sectors in Greece, according to the project description. National decarbonisation efforts therefore focus on expanding renewable energy use in heavy industry. The initiative is expected to support competitiveness of domestic manufacturing while accelerating the transition toward a low-carbon economy.
The EBRD said the solar power facility illustrates how clean energy investments can help industrial companies reduce emissions, strengthen energy security, and adapt to increasingly demanding environmental standards .
