EBRD mulling support for 204-MW PV portfolio of Hellenic Petroleum

The European Bank for Reconstruction and Development (EBRD) is considering lending up to EUR 75 million (USD 88.5m) to Hellenic Petroleum SA (ATH:ELPE) to finance 204 MW of solar projects in Greece.

The EBRD said it is reviewing a request to extend the long-term financing in a Project Summary Document (PSD) earlier this month. Currently, the status of the project is “Exploratory” and a potential approval date is scheduled for September 16, according to the lender's website.

Greek oil refiner Hellenic Petroleum is looking to support the construction of a portfolio of photovoltaic (PV) projects in the Western Macedonia region, northwestern Greece. Once operational, the capacity will replace coal-fired power plants and offset related carbon dioxide (CO2) emissions of around 187,000 tonnes per year.

As part of its decarbonisation plans, Greece has set a goal to decommission all of its lignite-fired generation capacity by 2028.

(EUR 1.0 = USD 1.180)

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