National Energy (NE) is pleased to announce the successful completion and full energization of its first greenfield construction solar energy installation in Greece. The 24.08MWp ground-mounted solar energy installation is comprised of five (5) PV projects in Central Greece in the regions of Viotia and Fthiotida. The solar energy installation will generate ca. 47.7Gigawatt hours (GWh) year which could power ca. 10,000 homes and reduce ca. 23,000 tons of CO2 emissions per annum. All projects have secured a 20-year fixed tariff, awarded via the auction conducted by the Greek Regulatory Authority of Energy (RAE) in July 2019. NE’s position in the Greek market is now consolidated with an operational portfolio of 91MW consisting of both wind and solar assets.

The 24.08MWp portfolio is wholly owned and operated by National Energy’s Greek subsidiary, New NE Solar Developments One 1 Single Member SA (NNESD1).  Mytilineos RSD Business Unit delivered the full scope of engineering, procurement and construction (EPC) services for all projects.

The projects are comprised of a combined:

• 51,000 Suntech and Trina bifacial solar panels

• 128 Huawei solar string inverters

• Mevaco fixed structure and Soltech one axis trackers

Construction commenced in the autumn of 2020 and was completed in the spring of 2021. Two projects were fully energized in February 2021 followed by the remaining three projects fully energized in June 2021. Performance across the five solar projects has been positive and, on average, all sites have been producing above initial forecasted expectations. Non-recourse project finance was provided by Piraeus Bank Financing via a Bond Loan Facility in November 2020.

George Lagios, Greek Country Manager for National Energy, expressed, “We are very committed to our long-term holdings in Greece.  This was the first batch of our solar projects to be constructed. We realized the project with EPC contractor Mytilineos RSD who demonstrated professionalism and commitment to delivering the project on time and selected Huawei inverters as they meet all aspects of our quality and performance standards, while they are backed by after sales support offering long-term security for our projects.  We are proud to be involved in the Greek energy transition to a low carbon future and ensuring we leave the environment in a better shape than we found it.”