Greece: Solar project Kozani will be funded by EBRD

, SEE Energy News

In February, ELPE Renewables, a subsidiary of ELPE, agreed to purchase unfinished solar project from German company Juwi. The plant in question is located near Kozani in northern Greece and, with installed capacity of 204 MW, it will be the largest solar power plant in the country.

The European Bank for Reconstruction and Development (EBRD) said that it will invest 75 million euros in a bond placement by Greek oil refiner Hellenic Petroleum (ELPE) aimed at funding the company’s RES projects. According to the statement from the EBRD, the funds will be used to support the construction of a 204 MW portfolio of solar power plants in Kozani in Western Macedonia. The proposed capacity will be split across 18 solar power plants, which will be installed in a region that is highly dependent on coal-fired power generation. Once operational in 2022, the solar complex will produce around 350 GWh of electricity per year that will help offset 320,000 tons of CO2 emissions.

Juwi already agreed with Greek Regulatory Authority for Energy (RAE) that the purchase price of electricity produced at the facility will be 5.73 eurocents/kWh. The transaction was completed in early October.