Financial services firm Guggenheim Partners will serve as a strategic and financial advisor along with the National Bank of Greece on financing, structuring and the staged deployment of the 10 GW solar project Helios in Greece.
The multi-phase project, which is set to deploy 10 GW of solar photovoltaic (PV) power by 2020, will be developed in line with European transmission infrastructure. The first phase targets 2 GW.
"The promotion of electricity from renewable is a high European Union priority," says George Papaconstantinou, Minister of the Environment, Energy and Climate Change for the Hellenic Republic.
"Implementation of solar energy projects like Helios promotes security and diversification of energy supply, protects the environment, and contributes to the long-term social and economic cohesion of the EU."
Greece has already streamlined the process of permitting and is fast-tracking large-scale strategic investment including renewable energy projects, in its bid to reach 29% renewable energy input by 2020.
The revenue from the solar PV project are intended to be used to reduce Greek debts.
President of Guggenheim Partners, Todd Boehly, comments: "Guggenheim has been actively working with Minister Papaconstantinou and his team to highlight to Greek and European leaders the substantial benefits of this project.
"Helios is more than an innovative energy solution – it represents a significant step in Greece's economic recovery that also helps accomplish many broader European goals."