The European Bank for Reconstruction and Development (EBRD) is offering Greek vitality firm Hellenic Petroleum (HELPE) with €75 million ($87.eight million) for the deployment of a photo voltaic vitality undertaking.
This raises the quantity raised by HELPE to €100 million ($117.1 million) for the development of 18 photo voltaic photovoltaic (PV) crops with a complete put in capability of 204MW in Kozani, Western Macedonia, the nation’s most coal-dependent area.
The undertaking is claimed to be the most important renewable vitality undertaking in Greece and the most important photo voltaic vitality system in south jap Europe.
The photo voltaic park will likely be constructed near current coal-fired energy crops which might be being phased out and is predicted to cut back CO2 emissions by 320,000 tonnes yearly.
The undertaking is a part of efforts by HELPE to develop 600MW renewable vitality capability by 2025 to be able to diversify its vitality portfolio and cut back its environmental footprint by 50% via to 2030.
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The funding falls underneath the Greek Renewable Energy Framework and is aligned with the EBRD’s Green Economy Transition (GET) strategy, the Bank’s technique for serving to the economies the place it invests construct low-carbon and resilient economies.
It can be aligned with the targets of the Bank’s Just Transition Initiative, which goals to deal with the shift from fossil fuel-dependent economies in the direction of climate-resilient and low-carbon economies.
Some 300 short-term jobs will likely be created throughout the development of the photo voltaic park.
Greece is aiming to shut all its current coal fired energy crops by the tip of 2023 and to mothball one plant at the moment underneath development by 2028.
Harry Boyd-Carpenter, EBRD head of vitality for Europe, the Middle East and Africa, stated: “We are very proud to assist HELPE in growing what would be the largest photo voltaic park in south-eastern Europe. Greece has a really formidable decarbonisation plan and it’ll due to this fact want many tasks of this scale to switch its current lignite capability. We are very pleased to be a part of this milestone undertaking, led by such a powerful sponsor, and assist the transition of Western Macedonia in the direction of new greener financial actions.”
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George Alexopoulos, basic supervisor of technique and new enterprise actions and member of the HELPE board of administrators, provides: “The Kozani undertaking is our first large step in the direction of constructing a cloth renewables portfolio in keeping with our technique and our ambition to cut back our carbon footprint. The undertaking will purpose to maximise employment and content material from the local people and, beginning in 2022, produce 350GWh per 12 months of zero-emission electrical energy. We are more than happy to have the EBRD’s assist on this landmark endeavour.”
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