A major solar development in northwestern Greece has secured new financial backing, paving the way for the construction of four solar power plants with a combined capacity of 156 MW. The funding package, worth approximately 144 million euros, has been arranged on a non-recourse basis to support the implementation of the projects.
Legal advisors from Reed Smith assisted Eurobank in structuring the financing, which also includes support from the European Union’s Recovery and Resilience Facility. The capital will be used to build several ready-to-implement solar installations located in the regional units of Kozani and Grevena.
Development of the portfolio is being led by Trifylli Iliaki, a subsidiary of French sustainable investment company Mirova. The projects are collectively known as the Clover portfolio and were acquired by Mirova last year from German renewable energy developer JUWI. Although ownership has changed hands, JUWI continues to play a central role in the initiative. Through its Greek subsidiary, the company remains responsible for engineering, procurement, and construction services, as well as the long-term operation and maintenance of the solar plants.
Once completed, the installations will occupy around 257 hectares of land. The solar facilities are expected to produce more than 300 GWh of electricity each year, an amount sufficient to cover the demand of over 75,000 households.
