National Energy gets loan from Piraeus Bank for Greek solar power plants

UK-based renewable energy company National Energy Holdings has secured a €22 million loan from Greece-based Piraeus Bank for the financing of five solar photovoltaic projects in Greece with a total generating capacity of 24MW.

The solar power plants are owned by National Energy’s Greek subsidiary – New NE Solar Developments One 1 Single Member (NNESD1).

Giles Clark – CIO of National Energy said: “We are very pleased to have worked with Piraeus Bank to complete the financing of our first five (5) solar PV projects in Greece. Securing long term financing from a major institutional lender such as Piraeus Bank is a strong endorsement of the quality of these sites, and of our commercial arrangements.”

Located in central Greece, the five solar power plants are capable of generating sufficient electricity to power nearly 10,000 homes. Besides, the Greek solar power plants are estimated to offset CO2 emissions by 23,000 tons annually.

The Greek Regulatory Authority of Energy (RAE) had awarded a 20-year fixed tariff to all the five solar power plants through an operational aid auction held in July 2019.

The projects, which are currently under construction, are slated to be commissioned within the next six months.