Luxcara locks in financing for first Greece solar project in Kozani

Luxcara has moved a step closer to scaling its presence in Greece’s renewable energy market after securing financing for its first project in the country. The company’s planned solar power plant, located in Kozani, will have an installed capacity of 83 MW.

Financing package combines EU support and bank funding

The investment is backed by a mix of sources, including the Recovery and Resilience Facility under the NextGenerationEU framework. Luxcara also secured financing from Piraeus Bank and Optima Bank, reflecting how large-scale solar developments increasingly rely on both public policy support and commercial lending to reach financial close.

Single-axis tracking panels target higher output

The facility will be equipped with around 130,000 photovoltaic panels mounted on single-axis tracking systems. By adjusting panel orientation to follow the sun’s movement throughout the day, the design is intended to improve energy production efficiency compared with fixed-tilt installations.

Long-term Amazon PPA underpins revenue visibility

Luxcara has signed a long-term power purchase agreement (PPA) with Amazon. Under the arrangement, Amazon will buy the electricity generated by the plant using a pay-as-produced model, which links payments to actual output and helps provide steadier revenue than merchant-only sales—an approach that continues to support corporate participation in Europe’s renewable energy buildout.

Development led by Ameresco Sunel Energy

Project development is being carried out by Ameresco Sunel Energy, a joint venture between Ameresco and Sunel Group. Luxcara previously acquired a majority stake in the project last year, positioning it to bring the financing process to completion.

Overall, the deal aligns with Luxcara’s broader strategy to expand across European energy markets while supporting renewable deployment and strengthening long-term energy security.