A significant advancement in the renewable energy sector is taking place in northwestern Greece, where a new financing agreement has been finalized for the construction of four solar power plants. This initiative, which boasts a combined capacity of 156 megawatts (MW), has attracted a funding package valued at approximately 144 million euros. The financing is structured on a non-recourse basis, ensuring that the financial risk is limited to the project itself.
Eurobank played a pivotal role in arranging this financing, with legal support from Reed Smith. The funding also includes contributions from the European Union’s Recovery and Resilience Facility, underscoring the project’s alignment with broader EU sustainability goals. The capital will be directed towards several solar installations ready for implementation in the regional units of Kozani and Grevena.
The development of this solar portfolio is spearheaded by Trifylli Iliaki, which is a subsidiary of Mirova, a French sustainable investment firm. The portfolio, referred to as the Clover portfolio, was acquired by Mirova from the German renewable energy developer JUWI last year. Despite the change in ownership, JUWI remains integral to the project, providing engineering, procurement, and construction services through its Greek subsidiary. Additionally, JUWI will oversee the long-term operation and maintenance of these solar facilities.
Upon completion, these installations are projected to cover an area of approximately 257 hectares and generate over 300 gigawatt-hours (GWh) of electricity annually. This output is anticipated to meet the energy needs of more than 75,000 households, contributing significantly to local energy supply and supporting Greece’s transition towards renewable energy sources.
