Greece expands renewables with five new solar projects
London-based renewable energy financing institution National Energy Holdings Limited has partnered with Piraeus Bank SA to help Greece to expand its portfolio of clean energy resources.
The two institutions have signed a Bond Loan facility of circa €22 million ($25.9 million) to finance the construction of five solar PV projects.
The projects will have a total generating capacity of 24MWp, enough energy to power 10,000 homes.
The projects are located in central Greece and will also reduce ca. 23,000 tons of CO2 from the emissions to the environment for each year of operation.
The five projects have secured a 20-year fixed tariff, awarded via the operational aid auction conducted by the Greek Regulatory Authority of Energy (RAE) in July 2019.
The projects are currently under construction, will be operational in the next six months and will be owned by National Energy’s Greek subsidiary New NE Solar Developments One 1 Single Member SA (NNESD1).
National Energy was supported by KLC Law Firm and TUV Hellas in this transaction.
Giles Clark, CIO, National Energy, says: “We are very pleased to have worked with Piraeus Bank to complete the financing of our first five solar PV projects in Greece. Securing long-term financing from a major institutional lender such as Piraeus Bank is a strong endorsement of the quality of these sites, and of our commercial arrangements.”