The European Bank for Reconstruction and Development (EBRD) has approved financing for a new solar power facility in Greece aimed at supplying industrial electricity. The investment is intended to support decarbonisation efforts in the country’s steel sector. The project is linked to the EBRD’s co-financing framework associated with Greece’s recovery and resilience strategy.
32 MW solar capacity for industrial electricity supply
The plan calls for the construction of a 32 MW solar power plant dedicated to industrial electricity supply. The facility will provide clean electricity to Hellenic Halyvourgia, described as one of the region’s leading steel manufacturers. Once operational, it is expected to cover approximately one-fifth of the company’s electricity demand.
The expected output is also positioned to reduce exposure to volatile energy market prices. It is further described as supporting long-term energy cost stability for the company.
Financing package and equity contributions
The total financing package is set at €18.9 million. The EBRD will contribute €5.7 million, while Greece’s Recovery and Resilience Facility program will provide an additional €9.4 million. Hellenic Halyvourgia will fund the remaining €3.8 million through its own equity contribution.
The investment forms part of the wider Greece 2.0 modernization program. Support for that program is provided through the European Union’s NextGenerationEU funding mechanism.
Emissions reduction and climate commitments
The project is expected to deliver environmental benefits alongside energy supply changes. Annual carbon dioxide emissions from the company’s operations are projected to decline by more than 22,000 tons. The reduction is described as contributing to corporate sustainability targets and Greece’s broader climate commitments.
The EBRD said the solar facility illustrates how clean energy investments can help industrial companies reduce emissions, strengthen energy security, and adapt to increasingly demanding environmental standards.
Role of renewables in Greece’s steel sector
Steel production in Greece is described as among the most energy-intensive industrial sectors in the country. National decarbonisation efforts therefore focus on expanding renewable energy use in heavy industry. The project is expected to support domestic manufacturing competitiveness while accelerating Greece’s transition toward a low-carbon economy.
