In a significant development for the Greek renewable energy sector, Luxcara has finalized financing for its inaugural solar power project in the country. The facility, located in Kozani, is set to have an installed capacity of 83 MW, marking a notable entry into the region’s growing renewable landscape.
The financing structure for this project is multifaceted, incorporating resources from the Recovery and Resilience Facility under the NextGenerationEU framework. Additionally, financial backing has been secured from Piraeus Bank and Optima Bank, which underscores the collaborative effort to bolster renewable energy initiatives in Greece.
The solar installation will feature approximately 130,000 photovoltaic panels equipped with single-axis tracking systems. This technology is designed to enhance energy production efficiency by adjusting the panels’ orientation to follow the sun’s trajectory throughout the day, thereby optimizing output compared to traditional fixed installations.
Furthermore, Luxcara has established a long-term power purchase agreement (PPA) with Amazon, ensuring that the tech giant will acquire the electricity generated by this facility. This agreement not only provides a stable revenue stream through a pay-as-produced model but also illustrates the increasing involvement of corporate entities in Europe’s renewable energy market.
The development of this project is being managed by Ameresco Sunel Energy, a joint venture formed between Ameresco and Sunel Group. Luxcara’s acquisition of a majority stake in this venture last year has facilitated its strategic expansion into European energy markets.
This investment aligns with Luxcara’s broader objectives of promoting renewable energy solutions while enhancing long-term energy security across Europe. By entering the Greek market with this substantial solar project, Luxcara is contributing to the region’s transition towards sustainable energy sources.
