European Bank For Reconstruction And Development Provides €18.9 Million To Support Solar Power Project For Greek Steel Producer Hellenic Halyvourgia

The European Bank for Reconstruction and Development (EBRD) has signed a financing package to support the construction of a 32 MW solar photovoltaic park in Greece that will provide renewable electricity to the production facilities of Hellenic Halyvourgia, one of the largest steel producers in the Balkans. The project represents an important step in reducing carbon emissions from Greece’s industrial sector while improving the long-term sustainability and competitiveness of domestic steel manufacturing.

The total financing package amounts to €18.9 million and combines funding from multiple sources. The EBRD is contributing a loan of €5.7 million, while an additional €9.4 million will be provided through loans from the Recovery and Resilience Facility (RRF) channelled via the Greek authorities. Hellenic Halyvourgia will contribute the remaining €3.8 million from its own resources, demonstrating its commitment to investing in cleaner and more sustainable operations.

The financing agreement was signed under the EBRD’s Greek RRF Co-Financing Framework, which forms part of the “Greece 2.0” National Recovery and Resilience Plan. The initiative is supported by the European Union’s NextGenerationEU programme, which was established to promote economic recovery, sustainability, and resilience across EU member states.Once operational, the solar park will provide renewable electricity directly to Hellenic Halyvourgia’s manufacturing facilities, helping to reduce the company’s reliance on conventional power sources.

The project is expected to meet approximately 20% of the steel producer’s electricity demand, significantly lowering its exposure to fluctuations in energy prices and improving operational stability in an industry where energy costs play a critical role in overall competitiveness.In addition to its economic benefits, the project is expected to deliver substantial environmental gains. By replacing part of the company’s electricity consumption with renewable energy, the solar park will reduce annual carbon dioxide emissions by more than 22,000 tonnes.

This reduction will contribute to Greece’s broader efforts to decarbonise energy-intensive industries and accelerate the transition to a lower-carbon economy.The steel industry is among the most energy-intensive manufacturing sectors, making it a key focus area for decarbonisation efforts across Europe. By integrating renewable energy into its operations, Hellenic Halyvourgia is taking an important step toward reducing the environmental impact of steel production while maintaining its position as a major industrial employer and supplier within the region.

The project also supports Greece’s national energy and climate objectives by increasing the use of renewable energy in heavy industry. At the same time, it contributes to the implementation of the country’s Recovery and Resilience Plan, which seeks to promote sustainable economic growth, strengthen industrial competitiveness, and accelerate the adoption of clean technologies.Beyond the direct environmental benefits, the investment demonstrates how targeted financial support can help established industrial companies modernize their operations without compromising economic activity or employment.

By enabling companies to adopt cleaner energy solutions, such initiatives help preserve industrial capacity, protect jobs, and strengthen domestic value chains while supporting climate goals.Although the EBRD’s mandate in Greece officially ended on 31 December 2025, the Bank continues to sign projects that were approved before that date and remains responsible for managing its existing portfolio in the country.

Over the years, the EBRD has become one of Greece’s most significant institutional investors, providing more than €8.9 billion in financing across a wide range of sectors. The Hellenic Halyvourgia solar project reflects the Bank’s ongoing commitment to supporting sustainable industrial development and advancing the country’s transition toward a cleaner and more resilient energy future.