Cero Generation reaches financial close on 100 MW solar PV project in Greece

16 August 2022

London, UK – Cero Generation (Cero), a leading solar energy developer working across Europe, has announced the financial close of Project Delfini, a 100 MW solar PV project in Prosotsani Drama, Greece.

The project will be underpinned by a long-term Power Purchase Agreement (PPA) with Axpo, which makes it one of the first solar projects in Greece with a private PPA, placing it at the forefront of helping the country’s renewables market mature to a subsidy-free future.

Supporting Greece’s green energy transition, the project will help to deliver renewable power to communities and businesses across the country. Once constructed, it will generate 142 GWh of electricity per year, equivalent to powering 34,000 homes and the avoidance of 63,000 tonnes of CO2 emissions. By delivering cheaper energy onto the grid, it will also help bring down costs for consumers at a time when Europe is grappling with sharp rises in power bills.

Piraeus Bank, 100% subsidiary of Piraeus Financial Holdings, will be providing project financing. Cero was advised by Herbert Smith Freehills and Watson Farley & Williams, while Piraeus Bank was advised by Norton Rose Fullbright (legal), TUV Nord (technical), and Marsh (insurance). Deloitte was the model auditor for Cero and Piraeus Bank. Construction will be commencing in August, and the project is planned to be operational by Autumn 2023.

The announcement marks an important step in Cero’s expansion into Greece, part of a current pipeline of over 3 GW of solar, battery and onshore wind projects in development in the country.

“We are thrilled to be working with Piraeus Bank to deliver this first-of-its kind project, unlocking the next phase in the Greek renewables market, and expanding our portfolio in the country. We are facing a critical moment in the future of our planet and a period of huge change is taking place across the global energy sector. We are proud to be playing a role in delivering cheaper, greener energy to consumers.”

Marta Martinez Queimadelos, CEO, Cero Generation

“It is a privilege for Piraeus Bank to arrange financing for one of Cero Generation’s first investments in Greece as we share the same vision – to help deliver a net-zero future for this and every generation. The financing of the specific project is in line with our long-term strategy to support large scale sustainable investments, which facilitate the shift towards a green economy.”

Christos Megalou, CEO, Piraeus Bank

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About Cero Generation

Cero Generation is a leading solar energy company, working across Europe to support the transition to a net-zero future, for this and every generation. 

Active throughout the project lifecycle, from development through to construction and operations, its highly experienced team collaborates with local partners to bring world-class industrial, commercial and technical expertise to our projects. 

Cero’s 9 GW solar development portfolio is one of the largest in Europe, covering both utility-scale and on-site generation projects, as well as integrated energy storage solutions.  Dedicated to delivering high-quality, high-performing assets, Cero provides corporate and industrial clients with the solutions to accelerate their pathway to a net-zero future.

Cero is an independent portfolio company of Macquarie’s Green Investment Group (GIG) operating on a stand-alone basis.

About Piraeus Bank

Piraeus Bank, 100% subsidiary of Piraeus Financial Holdings, is the leading bank in Greece in terms of total market shares and branch network as of 31 March 2022, offering a full range of financial products and services to 5.7 million customers in Greece promoting sustainable growth and the principles of responsible banking.

For more information, please visit www.piraeusbank.gr.

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