Hellenic Petroleum SA, Greece’s biggest oil company, raised 100 million euros ($117.5 million) in bond investments for the largest solar project in the Mediterranean nation.
The European Bank for Reconstruction and Development said Tuesday it invested EUR75 million of the EUR100 million raised to finance 18 solar photovoltaic plants in Kozani, Western Macedonia, an area the EBRD said is Greece’s most coal-dependent region.
Starting in 2022, the solar park will run near existing coal plants that are on the way out, generating 350-gigawatt hours of electricity and cutting 320,000 metric tons of carbon dioxide a year.
“The Kozani project is our first big step towards building a material renewables portfolio in line with our strategy and our ambition to reduce our carbon footprint,” said George Alexopoulos, member of Hellenic Petroleum’s board of directors, in prepared remarks.
Athens-listed Hellenic Petroleum has targeted 600 megawatts of renewable energy capacity by 2025 as it aims to diversify its portfolio and slash its emissions.