Luxcara is making significant inroads into the Greek renewable energy sector with the recent finalization of financing for an 83 MW solar power project located in Kozani. This marks the company’s inaugural venture in Greece, contributing to the country’s energy transition efforts.
The financing structure for this project is multifaceted, involving resources from the Recovery and Resilience Facility under the NextGenerationEU initiative, alongside support from Piraeus Bank and Optima Bank. This diverse funding approach underscores the project’s viability and alignment with broader European energy objectives.
The solar facility will be equipped with approximately 130,000 photovoltaic panels, utilizing advanced single-axis tracking systems. This technology is designed to enhance energy capture by adjusting panel orientation throughout the day to follow the sun’s trajectory, thereby increasing overall efficiency compared to traditional fixed installations.
A notable aspect of this project is a long-term power purchase agreement (PPA) established with Amazon, ensuring that the tech giant will procure electricity generated by the solar plant. This agreement not only provides a stable revenue stream through a pay-as-produced model, but also exemplifies the growing influence of corporate buyers in Europe’s renewable landscape.
The development of this project is being executed by Ameresco Sunel Energy, a partnership formed between Ameresco and Sunel Group. Luxcara’s acquisition of a majority stake last year has positioned it strategically within this joint venture, facilitating effective project management and execution.
This investment aligns with Luxcara’s broader strategy to penetrate various European energy markets while bolstering renewable energy adoption and enhancing long-term energy security across the region. The Kozani solar project not only represents a step forward for Luxcara but also contributes to Greece’s objectives for sustainable energy development.
