EBRD Supports 32 MW Solar Project for Greek Steelmaker Hellenic Halyvourgia

The European Bank for Reconstruction and Development (European Bank for Reconstruction and Development) has extended financing support for the development of a 32 MW solar photovoltaic project aimed at decarbonising industrial operations of Greek steel producer Hellenic Halyvourgia.

The project will comprise two solar power plants with capacities of approximately 13.6 MW and 18.4 MW, respectively. Together, they will form a combined 32 MW renewable energy asset designed to supply clean electricity to the company’s steel manufacturing facilities through a virtual power purchase agreement (VPPA) structure.

As part of the financing arrangement, the EBRD will provide funding of up to €7.2 million, while the total project loan package stands at approximately €19.2 million. Additional financial backing is expected through Greece’s Recovery and Resilience Facility (RRF), which is supported by European Union funds.

The solar project will be developed through a special purpose vehicle (SPV), enabling structured investment and operational efficiency. Once operational, the project is expected to reduce the steelmaker’s dependence on fossil fuel-based electricity and significantly lower its carbon emissions, particularly Scope 2 emissions associated with power consumption.

Steel production is among the most energy-intensive industrial sectors, making decarbonisation efforts critical for compliance with tightening European Union climate regulations, including the Carbon Border Adjustment Mechanism (CBAM). By integrating renewable energy into its operations, Hellenic Halyvourgia aims to enhance its sustainability profile and improve its competitiveness in export markets.

The initiative aligns with the EBRD’s broader strategy of accelerating the transition toward low-carbon industrial systems and expanding renewable energy adoption across energy-intensive sectors in Europe.