Financing of €315.34 million for Lightsource bp 560MWp solar project in the prefectural units of Larissa and Fthiotida, with funds from Eurobank and the Recovery and Resilience Fund ‘Greece 2.0

Eurobank A.E. and the Greek Public State have entered into a financing agreement with Enipeas Single-Member S.A., a subsidiary of Lightsource bp, as part of the National Recovery and Resilience Plan ‘Greece 2.0’. Eurobank exclusively leads and is the sole financial institution financing the Enipeas project, which is one of the largest solar projects in Europe, with a nominal capacity of 560MWp. The completion of the project will require a total investment of €395.15 million.

Lightsource bp, a global leader in the development and management of solar energy projects, started its operations in the United Kingdom in 2010, and has since developed an installed capacity exceeding 8.4GW of solar projects across 19 markets.

This deal marks a key milestone for Lightsource bp’s growth in Europe and in Greece. The company entered the Greek market in 2020 and has since developed a portfolio of solar and storage projects exceeding 1GW. For Eurobank, the financing of such a significant solar project underscores the bank’s tangible commitment to support the country’s energy transition and decarbonisation efforts.

The project is expected to reach completion and be connected to the grid in 2026. In the first year of operation, it is expected it will generate 0.90 TWh, equivalent to powering 225,000 households, covering almost 2% of domestic production and avoiding 379 kt CO2 emission annually.

A ceremony was held at the Eurobank Headquarters for the formalisation of the financing, in the presence of Susan Geary, Consul General and Deputy Head of Mission at the British Embassy in Athens, Orestis Kavalakis, Governor of the Special Coordination Service of the Recovery Fund, Nick Boyle, Group Co-CEO of Lightsource bp, Natalia Paraskevopoulou, Legal Representative of Enipeas S.A. and Lightsource bp Head of Country for Greece, and Konstantinos Vasileiou, Deputy CEO of Eurobank.

The €395.15 million total investment for the project falls under the Green Transition pillar of the Recovery and Resilience Fund (RRF). The financing of the project includes the granting of a long-term loan of €315.34 million, with the utilization of borrowed funds, amounting to €170 million from RRF resources, and financing of €145.34 million by Eurobank. The remaining 20% of the investment, totalling €79.82 million, will be covered by Lightsource bp’s own funds.

The Enipeas solar project will be developed in the regional units of Larissa and Fthiotida and will consist of two different sub-areas, a 400MWp southern cluster and a 160MWp northern cluster, covering a total area of approximately 6,926 acres, where 968,630 PV modules will be installed.

The Governor of the Recovery and Resilience Facility Agency, Orestis Kavalakis, pointed out: “The loan agreement marks the implementation of a key investment in the Greek region, attracting foreign capital and focusing on renewable energy sources with an impact at the national and European level. The loan program of the Recovery Fund – Greece 2.0 supports investments of both large and smaller scale in clean energy and green transition, which are crucial for the country’s energy autonomy, sustainability, and environmental protection.“.

Nick Boyle, Group Co-CEO at Lightsource bp stated: “We’re grateful to the Greek government and Eurobank for their support on what is a massive achievement for Lightsource bp. It has been more than three years since we started our operations in Greece, and we have hit the ground running thanks to the efforts of our local team. The agreement enables the 560MWp Enipeas project to begin delivering inward investment for Greece, alongside cheaper, cleaner and more secure energy.“.

Natalia Paraskevopoulou, Lightsource bp Country Head for Greece, emphasized: “We are happy to start the construction of Lightsource bp’s flagship project in Greece, utilizing the possibilities given to us by the National Recovery and Resilience Plan ‘Greece 2.0’. In the context of an ongoing climate change, our project contributes substantially to a sustainable future and to the provision of cheaper, cleaner energy throughout the country while actively supporting the country’s decarbonisation goals and energy independence.”.

Konstantinos Vassiliou, Deputy CEO of Eurobank and Head of Corporate & Investment Banking, stated: “The construction of the photovoltaic project with a total capacity of 560MWp is another strategic investment that will be added to the portfolio of Lightsource bp, a global leader in solar development, management and operations. As a bank, we remain strongly committed to financing sustainability projects, demonstrating the substantial impact of the National Recovery and Resilience Plan ‘Greece 2.0’ on the economic and social transformation of the country.”.

Eurobank is strategically prioritising the provision of comprehensive solutions to Greek businesses through the funds of ‘Greece 2.0’. These solutions enable businesses to implement viable plans and modernise operations, thereby promoting employment and fostering innovation.