Greek gas supplier DEPA gets EIB loan to build solar parks

The logo of the EIB is pictured in the city of Luxembourg·Reuters
Reuters
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ATHENS (Reuters) - DEPA Commercial, Greece's largest gas supplier, has secured a loan of 390 million euros ($423.19 million) from the European Investment Bank (EIB) to build solar parks across the country.

The loan will help state-controlled DEPA finance more than two-thirds of planned investment worth about 500 million euros in new solar plants in the next four years, DEPA said in a statement late on Tuesday.

The plants will be built in Macedonia, Thessaly and other parts of Greece's mainland and will produce about 800 megawatts of power, equal to the annual electricity consumed by about 278,000 households, DEPA said.

"There are multiple benefits from investments like this, including cutting electricity cost for consumers and, certainly, boosting our country's energy security," Environment Minister Theodore Skylakakis said.

Following years of heavy spending on solar and wind farms, Greece reached a record 57% share of renewables in its electricity output last year, with gas, oil and coal accounting for the rest.

The Mediterranean nation with abundant sun and wind potential aims to raise that share to 80% by 2030.

($1 = 0.9216 euros)

(Reporting by Angeliki Koutantou; Editing by Andrew Heavens)