A sunny future

Together with our colleagues in Greece, we financed a 105 MW solar park in the Kozani region in the northwest of the country. The project went live in February 2024. What makes this solar park special is that it is owned by local companies and a local energy community, directly benefiting the well-being of the locals. 90 special purpose vehicles (SPVs) were needed to finance the 186 individual photovoltaic parks ranging from 0.5 to 1 MW. This required significant coordination, showcasing our ability as a bank to successfully implement not only large but also complex financing transactions and projects in the region.

We faced numerous challenges during the two years leading up to completion. This was partially owing to the sheer number of participants – more than 90 SPVs, KIEFER as the implementer, lawyers, and local authorities were involved. To manage the communication flow and maintain transparency, various on-site and in-person meetings were coordinated when changes were required and decisions had to be taken.

The role of the banks went beyond coordinating the various stakeholders: in current volatile times, secure and stable financing conditions were offered in the form of stable interest rates that provided planning certainty from the start.

The new solar park creates added value for the region and its residents. Members of the energy community benefit as owners, the jobs created during the construction phase contributed to the region’s income, and now employees are required to ensure the smooth operation of the facility. Additionally, reforestation around the project was promoted wherever possible.

The solar park is more than just an energy project, it is a step towards a “brighter” and cleaner future for the region!