Lightsource bp has lined up $337.2 million of debt to build Enipeas, a 560 MW solar park in central Greece. A commercial bank, Eurobank, is one of the two lenders. The other is the European Union's pandemic recovery money, and it is putting in more than the bank. In Greek solar finance that is becoming the pattern rather than the exception.
Key takeaways
- Lightsource bp secured $337.2 million from Eurobank and the Recovery and Resilience Fund for the 560 MW Enipeas solar project in Greece, announced on 29 April 2024.
- The Recovery and Resilience Fund provided $181.8 million of the Enipeas debt and Eurobank about $155 million, while Lightsource bp will cover the remaining $85.35 million of the required funding itself.
- The Enipeas solar project is located in Larissa and Fthiotida and comprises a 400 MWp southern cluster and a 160 MWp northern cluster, covering about 6,926 acres with 968,630 PV modules.
- Enipeas Solar Park is expected to generate 0.9 TWh in its first year of operation, enough for 225,000 households and almost 2 percent of Greece's domestic production, while avoiding 379,000 tonnes of CO2 a year.
- The $337.2 million Enipeas package is the largest single-project solar debt financing Leap records in Greece from 2023 to mid-2025, at about $0.60 million per MW of debt.
What is the Recovery and Resilience Fund doing in a solar loan?
Lending, alongside the banks. The Recovery and Resilience Facility is the European Union's post-pandemic investment programme, and in Greek solar it shows up as a lender next to commercial banks rather than instead of them. A bank still takes a share of the risk, and the sponsor still puts in equity.
For a developer, the attraction is the size of the public tranche. For the government, the attraction is that every euro of recovery money pulls in private lending and sponsor equity behind it. At Enipeas the public tranche of $181.8 million sits next to about $155 million from Eurobank and $85.35 million from Lightsource bp.
Put those three together and the total funding comes to about $422.6 million. The Recovery and Resilience Fund supplies about 43 percent of it, Eurobank about 37 percent and Lightsource bp about 20 percent. Within the debt alone, the public share is about 54 percent.
How does the Enipeas split compare with other Greek solar projects?
It is close to the template, with slightly less public money. RWE and PPC's Amynteo Cluster III project, financed in February 2024, drew $137.5 million from EU funds and $82.47 million from commercial banks, so the public share of its debt was about 63 percent. PPC Renewables' 550 MW solar project, financed the same month, raised $319.1 million from a syndicate that combined Recovery and Resilience Facility funds with Piraeus Bank and Eurobank.
The equity share is the more consistent number. Lightsource bp's $85.35 million is about 20 percent of Enipeas' total funding. That matches the 20 percent of shareholder equity in the Amynteo Cluster III package, where EU funds supplied 50 percent and commercial banks 30 percent.
Eurobank appears in both the PPC and Lightsource bp packages, which says something about the depth of the domestic lending pool. A small number of Greek banks are partnering repeatedly with the recovery fund on the country's largest solar builds.
What does 560 MW buy in output?
About 0.9 TWh in the first year, according to the project's own figures. Spread over a full year, that implies the plant produces roughly 18 percent of what it would if it ran at full capacity around the clock.
Enipeas is one project in two parts: two clusters, 400 MWp in the south and 160 MWp in the north, across Larissa and Fthiotida. Its expected first-year output would cover almost 2 percent of Greece's domestic electricity production and power about 225,000 households.
The money is construction money. Leap lists Enipeas as in construction at the time of the financing, and the use of proceeds is the development and completion of the park. Divided by the 225,000 households the plant is expected to supply, the combined $422.6 million of debt and equity comes to roughly $1,900 per household served, and the debt alone to about $1,500. Set against the 379,000 tonnes of CO2 the park is expected to avoid each year, the total funding is a little over $1,100 per annual tonne.
Enerdatics' data shows 14 solar debt financings in Greece recorded from January 2023 to June 2025. Enipeas, at $337.2 million, is the largest tied to a single named project; only portfolio or multi-park facilities are bigger, including DEPA Commercial's roughly $424 million from the European Investment Bank and Meton Energy's roughly $377 million for its Neo Syrakio and Kotyli projects. On a per MW basis, Enipeas borrows about $0.60 million per MW, almost identical to the roughly $0.58 million per MW PPC raised for its 550 MW project three months earlier. Two of the largest single solar projects in Greece were financed at almost the same leverage within a quarter of each other.
What does the deal signal for Greek solar?
It signals that the recovery fund has become a standing part of the capital stack for large Greek solar, not a one-off. Amynteo, the PPC 550 MW project and Enipeas all combine EU recovery money with domestic bank lending. A developer arriving in Greece can now plan around that structure.
It also shows Lightsource bp applying a familiar approach in a new setting. The company's Texas financings lean on tax credit features specific to the US market. In Greece it leans on the public lender specific to Europe.
The open question is what happens when recovery fund money is no longer on offer. The Greek solar pipeline will still need debt, and a domestic banking market used to sharing the ticket will have to carry more of it alone.
Frequently asked questions
How much debt did Lightsource bp raise for Enipeas? Lightsource bp secured $337.2 million for the 560 MW Enipeas solar project in Greece, announced on 29 April 2024: $181.8 million from the Recovery and Resilience Fund and about $155 million from Eurobank.
How much equity is Lightsource bp putting into Enipeas? Lightsource bp will cover the remaining $85.35 million of Enipeas' required funding, about 20 percent of a total of roughly $422.6 million when combined with the $337.2 million of debt.
How big is the Enipeas solar project? Enipeas is a 560 MW solar project in Larissa and Fthiotida, Greece, made up of a 400 MWp southern cluster and a 160 MWp northern cluster, and is expected to generate 0.9 TWh in its first year of operation.
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