BAKU, Azerbaijan, February 20. The European Investment Bank (EIB) Group committed 2.2 billion euros in new financing for Greece in 2024, focusing on energy, business development, and environmental protection, Trend reports.
A significant portion of the financing, 390 million euros, was allocated to DEPA Commercial for the development of new solar PV parks in western Macedonia, Thessaly, and central Greece. These solar plants are expected to generate 800 MW of renewable energy, enough to power approximately 278,000 households annually.
In addition to solar projects, the EIB also provided 195 million euros to PPC Renewables for the construction of 580 MW of solar plants and 175 MW of battery storage. This investment will not only increase Greece’s renewable energy capacity but also improve grid stability and energy security.
To support Greece’s electricity grid, the EIB approved 150 million euros for HEDNO, aimed at upgrading the country’s distribution network. This project will enhance grid reliability and facilitate the integration of more renewable energy sources.
Another major initiative supported by the EIB is the creation of an EU "Decarbonisation Fund" for Greece. This fund will direct 1.6 billion euros in emissions-trading revenue towards sustainable energy and development projects, particularly on Greek islands. These projects include interconnecting island grids with the mainland and phasing out local coal plants, advancing Greece’s clean energy goals.