The European Bank for Reconstruction and Development (EBRD) has backed Greece’s Hellenic Petroleum (HELPE) 18-solar farm project with a €75 ($88.2) million investment.

The project is set to be Greece’s largest renewable energy project and the largest solar power project in south-eastern Europe to date, Kallanish Energy reports. It will feature 18 solar photovoltaic farms with a combined capacity of 204 megawatts (MW).

The park will be built in Kozani, western Macedonia – the most coal-dependent region in the country. Panels will be installed close to existing coal-fired power plants, which are currently being phased out, and expected to reduce CO2 emissions by 320,000 tonnes annually.

EBRD’s investment largely contributes to the €100 ($117.7) million funds raised by HELPE through bonds. The oil company plans to build 600 MW of renewable capacity by 2025, cutting its carbon footprint by 50% by 2030.

The Kozani project, set to start operations in 2022, is aligned with the bank’s green energy transition approach. The strategy also seeks a “just transition” to address the shift from fossil fuel-dependent economies towards climate-resilient and low-carbon economies.

Greece will shutdown its coal-fired power plants by the end of 2023, mothballing one facility currently under construction by 2028.

This post appeared first on Kallanish Energy News.