PPC signs agreement for Phoibi project

Public Power Corporation SA on Thursday announced the completion of the signing of the syndicated financing of Phoibi Energiaki Sole Shareholder SA, a subsidiary of PPC Renewables, within the framework of the National Recovery and Resilience Plan, Greece 2.0, with Eurobank acting as coordinator and Eurobank and Piraeus Bank as co-organizer.

The financing ensures the completion of the construction of one of the largest photovoltaic stations in Europe, with a nominal power of 550 MW, a milestone for PPC Group as well as for the energy transition and decarbonization of Greece.

The new photovoltaic project Phoibi, which is expected to be completed within 2025, will be developed in the lignite center of Western Macedonia.

It consists of three different sub-areas totaling approximately 10 million square meters, in which 950,000 PV panels of bifacial technology will be installed.

For the best possible utilization of solar energy, the panels will be installed on single-axis trackers.

Following completion and connection to the system, the generation of the PV station is expected to reach 1 terawatt-hours, which corresponds to the needs of around 200,000 households, covering almost 2.5% of domestic electricity generation.

The operation of the station will prevent the emission of 550 kt of CO2 per year.