Eurobank: Financing Metallen photovoltaic power 311,16MWp

As a unique bank, and the Greek State, they have signed a contract of the “Egnatia Exploitation and Management of Real Estate Monoface S.A.”, a subsidiary of METLEN Energy & Metals (METLEN), under the National Recovery and Durability Plan “Greece 2.0”. The financing ensures the completion of the construction of 54 Photovoltaic (F/B) Stations in Greece, in particular in the Regional Units (IPs) of Thessaloniki and Larissa, with a nominal capacity of 311,16MWp and a total budget of 221.5 million euros, and includes the granting of a long-term loan totalling EUR 67,2 million by Eurobank, with the use of loan funds of EUR 109,9 million from resources of the Recovery and Durability Fund (TAA). The remaining 20% of Egnatia’s investment project, amounting to 44.3m euros, will be covered by the Company’s own funds. The PV projects are expected to be completed in 2025 while developing in the P.E. Thessaloniki and Larissa where 504,588 PV frames will be installed with two-sided technology (bifacial). After completion and connection to the Greek Electric Power Transmission System, the production of these PV stations is expected to reach 461,422 MWh, an energy corresponding to the needs of 46,142 households and estimated to cover almost 1,03% of total domestic energy production. At the same time, the operation of the stations is estimated to prevent emissions of 184,568 t CO 2 per year. For the financing of the investment project “Egnatia”, which is part of the TAA Green Transition Pillar, an event took place at the Eurobank Headquarters, in the presence of the Governor of the Special Coordination Service of the Recovery Fund (ESTA), Oreste Cavalaki, the Chief Treasury & IR Officer of METLEN, Christos Gavalas and the Deputy CEO of Eurobank, Constantine Kingdom. The Commander of the Special Coordination Service of the Recovery Fund, Orestes Cavalakis, noted: ‘The investment starting with the signing of this contract aims to meet energy needs for 46,162 households from renewable sources. The Recovery Fund through its loan programme facilitates and accelerates the implementation of major projects contributing to the promotion of RES, to the reduction of carbon footprint and thereby to the energy autonomy of our country.” The Chief Treasury & IR Officer of METLEN Christos Gavalas stressed: “These photovoltaic projects are part of METLEN’s strategic design to provide competitive energy for both own consumption and third parties. Funding through the Recovery and Durability Fund will bring closer to the completion of one of the largest photovoltaic portfolios in Greece and will contribute to the creation of the country’s leading utility energy and the wider region. We thank Eurobank and the Recovery and Durability Fund for effective cooperation.” The Deputy CEO of Eurobank and Head of Corporate & Investment Banking, Constantine Vassiliou, noted: ‘The signing of this agreement with Metlen, a leading company with a national and global presence, for the construction of Photovoltaic Stations of a total capacity of 311,16MWp, constitutes another important transaction that will further strengthen domestic energy production from renewable sources. This funding demonstrates Eurobank’s commitment to support projects aimed at accelerating the energy transition and I would like to thank the teams of the Ministry, Metlen and our Bank for their constructive cooperation.” Ensuring integrated solutions to Greek companies in order, through the loan programme of the Recovery Fund – Greece 2.0, to implement healthy business plans and modernise their operations by promoting employment and innovation, is an unnegotiable strategic priority for Eurobank.