The PPC Group has secured financing for the completion of one of Europe's largest Photovoltaic (PV) Stations, with a nominal power of 550 MWp. The project, named "Phoebe", is expected to be completed by 2025 and will be developed in the Lignite Center of Western Macedonia. The project will span approximately 10,000 acres and will use approximately 950,000 PV panels of bifacial technology installed on single-axis trackers to best utilize solar energy.
Once completed and connected to the system, the PV Station will produce 1 TWh of energy, which is equivalent to the needs of approximately 200,000 households and will cover almost 2.5% of domestic energy production. Additionally, the operation of the station will prevent the emission of 550 kt of CO2 per year.
The "Phoebe" investment project, with a total budget of €368 million, is part of the Green Transition pillar of the Recovery and Resilience Fund. The financing of the project includes a long-term loan of €294.4 million, with the utilization of loan funds amounting to €184 million from TAA resources, and co-financing of €110.4 million from Eurobank and Piraeus. Piraeus Bank was appointed as the representative of the Bondholders and Eurobank was appointed as the Payment Administrator. The remaining 20% of the "Phoebe" investment project, amounting to €73.6 million, will be covered by the company's own funds.
