Eurobank and the Greek State have signed a financing agreement for "Egnatia Exploitation and Real Estate Management Monopoly S.A.", a subsidiary of Metlen Energy & Metals (METLEN), in the framework of the National Recovery and Resilience Plan "Greece 2.0.".

The financing ensures the completion of the construction of 54 photovoltaic (PV) plants in Greece and specifically in the Regional Units (R.U.) of Thessaloniki and Larissa, with a nominal capacity of 311.16 MWp and a total budget of €221.5 million, and includes the granting of a long-term loan for a total amount of €67.2 million by Eurobank, with the use of loan capital of €109.9 million from the Recovery and Resilience Fund (RDF). The remaining 20% of the Egnatia investment project, amounting to €44.3 million, will be covered by the company's own funds.

The PV projects are expected to be completed in 2025 and will be deployed in the P.E. of Thessaloniki and Larissa, where 504,588 PV panels with bifacial technology will be installed.

After completion and connection to the Greek Electricity Transmission System, the production of these PV plants is expected to reach 461,422 MWh, which corresponds to the needs of 46,142 households and is estimated to cover almost 1.03% of the total domestic energy production. At the same time, the operation of the plants is estimated to prevent the emission of 184,568 t of CO2 per year.

For the financing of the "Egnatia" investment project, which is part of the Green Transition pillar of the CDF, an event was held at Eurobank Headquarters in the presence of the Governor of the Special Coordination Service of the Recovery Fund (EVSTA), Mr. Orestis Kavalakis, the Chief Treasury & IR Officer of METLEN, Mr. Christos Gavalas, and the Deputy CEO of Eurobank, Mr. Konstantinos Vassiliou.

STATEMENTS

The Governor of the Special Coordination Service of the Recovery Fund, Mr. Orestis Kavalakis, noted: "The investment that starts with the signing of this contract aims to meet the energy needs for 46,162 households from renewable sources. Through its loan program, the Recovery Fund facilitates and accelerates the implementation of major projects that contribute to the promotion of renewable energy sources, the reduction of the carbon footprint, and, by extension, the energy autonomy of our country."

METLEN's Chief Treasury & IR Officer, Mr. Christos Gavalas, said: "The photovoltaic projects in question are part of METLEN's strategic plan to provide competitive energy both for own consumption and to third parties. The financing through the Recovery and Resilience Fund will bring closer to completion one of the largest photovoltaic project portfolios in Greece and will contribute to the creation of the leading energy utility in the country and the wider region. We thank Eurobank and the Recovery and Resilience Fund for their effective cooperation."

Eurobank's Deputy CEO and Head of Corporate & Investment Banking, Mr. Konstantinos Vassiliou, noted: "The signing of this agreement with Metlen, a leading company with a national and global presence, for the construction of 311.16 MWp of photovoltaic plants, constitutes another important transaction that will further strengthen the domestic production of energy from renewable sources. This financing demonstrates Eurobank's commitment to supporting projects aimed at accelerating the energy transition, and I would like to thank the teams from the Ministry, Metlen, and our bank for their constructive cooperation."

As noted in the announcement, ensuring integrated solutions for Greek businesses to implement sound business plans and modernize their operations through the Recovery Fund-GGreece 2.0 loan program, promoting employment and innovation, is a non-negotiable strategic priority for Eurobank.