A major renewable energy investment is set to advance the decarbonization of Greece’s steel industry after the European Bank for Reconstruction and Development (EBRD) approved financing for a new solar power facility dedicated to industrial electricity supply.
The project includes the construction of a 32 MW solar power plant that will provide clean electricity to Hellenic Halyvourgia, one of the region’s leading steel manufacturers. Once operational, the solar facility is expected to meet approximately one-fifth of the company’s electricity demand, helping reduce exposure to volatile energy market prices and improving long-term energy cost stability.
The total financing package amounts to 18.9 million euros and combines support from multiple sources. The EBRD will contribute 5.7 million euros, while 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.
In addition to lowering energy costs, the project is expected to generate substantial environmental benefits. Annual carbon dioxide emissions from the company’s operations are projected to decline by more than 22,000 tons, contributing to both corporate sustainability targets and Greece’s broader climate commitments.
The investment is being carried out under the EBRD’s co-financing framework linked to Greece’s recovery and resilience strategy. It forms part of the wider Greece 2.0 modernization program, which is supported through the European Union’s NextGenerationEU funding mechanism.
Steel production remains among the most energy-intensive industrial sectors in Greece, making it a key focus of national decarbonization efforts. By expanding the use of renewable energy in heavy industry, the project is expected to enhance the competitiveness of domestic manufacturing while accelerating the country’s transition toward a low-carbon economy.
According to the EBRD, the solar power facility demonstrates how clean energy investments can help industrial companies reduce emissions, strengthen energy security and adapt to increasingly demanding environmental standards.
