The European Investment Bank (EIB) has announced a loan of €390 million to Greek energy company DEPA Commercial SA to support the development and operation of solar-energy farms across the country. This funding will cover 75% of the total cost for the new photovoltaic (PV) sites, which is expected to reach €521 million.
DEPA Commercial plans to establish PV farms in western Macedonia, Thessaly, and central Greece. Once operational, these projects will add approximately 800 megawatts of renewable energy to Greece’s power grid, sufficient to supply around 278,000 households annually. This significant investment aligns with the EIB’s goal to promote equitable growth and elevate living standards in regions with lower per-capita income compared to the EU average.
The loan agreements were signed in Athens on July 23 by EIB Vice-President Ioannis Tsakiris, DEPA Commercial CEO Konstantinos Xifaras, and Board Chairman Ioannis Papadopoulos. The signing ceremony was attended by Greece’s Minister of Economy and Finance, Kostis Hatzidakis, and Minister of the Environment and Energy, Theodoros Skylakakis.
“This loan will help DEPA Commercial in its new plans. Congratulations to both sides for this agreement,” stated Finance Minister Kostis Hatzidakis.
Environment and Energy Minister Theodoros Skylakakis highlighted the broader impact of the investment: “The signing of the loan agreement between the European Investment Bank and DEPA Commercial today constitutes the starting point for the implementation of a significant investment for Greece, with a total value exceeding 500 million euros. The benefits of such investments, which contribute to the further penetration of renewable energy sources into Greece’s energy mix, are manifold. These include the reduction of electricity costs for consumers and, of course, the enhancement of energy security and, consequently, the strengthening of our country’s energy independence.”
EIB Vice-President Ioannis Tsakiris emphasized the importance of this project for Greece’s energy transition: “Scaling up energy investment is crucial to improve network reliability, harness Greece’s solar-energy potential, and contribute to the country’s energy transition. Europe’s green and sustainable future will pass through projects like this one. Our homes, places of work, and other buildings need to be powered from renewable sources of energy and PV farms like these will play an important role in moving the needle on the greater use of renewable, sustainable energy.”
DEPA Commercial CEO Konstantinos Xifaras expressed the company’s commitment to advancing renewable energy: “Signing the loan agreement with the EIB marks a milestone for DEPA in realizing our renewable energy plans, aligned with Greece’s green transition goals. This funding strengthens our strategic plan of recent years in advancing solar energy projects. We are committed to sustainability and energy security, contributing to Greece’s energy transition and supporting European climate objectives.”
This financing initiative is part of the EIB’s support for RepowerEU, the EU’s multibillion-euro plan aimed at reducing dependence on fossil-fuel imports, accelerating the green transition, and achieving climate neutrality by 2050. The EIB has a long history of supporting Greek energy investments, having provided over €4.3 billion in the past decade alone for projects that enhance renewable energy, improve energy efficiency, and connect Greek islands to the mainland grid.
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