Eurobank signs agreement with Lightsource bp subsidiary to finance one of Europe’s largest solar projects

Eurobank A.E. has entered into a substantial financing agreement with Enipeas Single-Member S.A., a subsidiary of Lightsource bp, marking a significant investment in renewable energy under Greece‘s National Recovery and Resilience Plan ‘Greece 2.0’. The project, with a hefty price tag of €395.15 million, is set to be one of the largest solar initiatives in Europe, boasting a nominal capacity of 560MWp. Eurobank A.E. is the exclusive leader and sole financial institution for this project, highlighting its commitment to supporting the country’s energy transition and decarbonization efforts.

The Enipeas project is strategically located in the regional units of Larissa and Fthiotida, covering a vast area of approximately 6,926 acres. It will consist of two clusters, a 400MWp southern cluster and a 160MWp northern cluster, equipped with 968,630 PV modules. This immense installation is expected to generate 0.90 TWh in its first year, sufficient to power approximately 225,000 households, nearly covering 2% of domestic production and significantly reducing carbon emissions by 379 kt annually.

The total investment includes a long-term loan of €315.34 million, with €170 million borrowed from Recovery and Resilience Fund (RRF) resources, and €145.34 million financed directly by Eurobank. Lightsource bp will cover the remaining €79.82 million. The project, expected to be grid-connected by 2026, underscores the pivotal role of foreign investment and the focus on renewable energy in national and European contexts.

Lightsource bp has been a dominant player in the solar energy market since its inception in the United Kingdom in 2010, with an installed capacity exceeding 8.4GW across 19 markets. The Greek project is a testament to the company’s aggressive expansion and commitment to sustainable energy solutions.

During the financing ceremony at Eurobank Headquarters, notable figures such as Susan Geary, Consul General and Deputy Head of Mission at the British Embassy in Athens, and Orestis Kavalakis, Governor of the Special Coordination Service of the Recovery Fund, voiced their support and highlighted the transformative potential of this project.

Nick Boyle, Group Co-CEO of Lightsource bp, remarked, “We’re grateful to the Greek government and Eurobank for their support on what is a massive achievement for Lightsource bp. It has been more than three years since we started our operations in Greece, and we have hit the ground running thanks to the efforts of our local team.”