The European Investment Bank (EIB) on Tuesday announced a 400-million-euro investment loan to Greece-based Mytilineos group to accelerate, as it said, the building of solar PV parks and battery energy storage capacity across the country.

An EU-wide funding scheme aims to boost the share of renewables in the Union’s energy and electricity network, a relevant press release noted.

ATHEX-listed Mytilineos’ business plan cites the deployment of a new portfolio of solar PV and battery storage systems (BESS) projects through 2027, with added capacity cited at approximately 2.6GW. The total investment throughout the EU is billed as reaching 2.5 billion euros.

One developmental facet of the funding is the construction of new facilities in less advanced and transition areas in Greece and the EU.

“The EIB’s financing will thus support new investment in cohesion regions where per-capita income is lower than EU average, thus affirming the EU bank’s commitment to equitable growth and the convergence of living standards,” the press release noted.

The 10-year loan contract was signed in Athens last month by EIB director general and head of operations Jean-Christophe Laloux and Mytilineos chief treasury officer and executive board member Christos Gavalas.

“Scaling up renewable energy investment is crucial to harnessing Greece’s solar and energy storage potential and contribute to Europe’s energy transition…To reach ambitious carbon reduction targets, Europe’s green and sustainable future must be significantly accelerated with projects such as this one, increasing the use of renewables, storage infrastructure and preventing waste,” Laloux said.