Greece: PPC secured a loan for a 550-MW solar project at a coal mine

The renewables branch of Greek power utility PPC has secured a debt financing deal for a 550-MW solar farm it plans to build at the site of a former lignite mine in the Western Macedonia region.
The syndicated financing was arranged within the country’s National Recovery and Resilience Plan. The package includes a long-term loan of EUR 294.4 million, of which EUR 184 million comes from the Greek Recovery and Resilience Facility (RRF) and EUR 110.4 million from co-financing by domestic lenders Eurobank and Piraeus Bank. The remaining EUR 73.6 million will be sourced from the developer’s reserves.
The overall cost of the Phoibe photovoltaic project is estimated at EUR 368 million.
The solar complex will be equipped with around 950,000 bifacial panels mounted on single-axis trackers. Its construction is expected to be finalised within 2025.
The PV park will produce about 1 TWh of electricity annually, equal to the consumption of 200,000 homes and almost 2.5% of the domestic electricity generation.