Luxcara has reached financial close on its first energy infrastructure investment in Greece, an 83 MWp photovoltaic project located in Kozani, in the Western Macedonia region. The deal marks a new step in the company’s expansion of its European energy portfolio amid growing demand for renewable capacity.

The solar plant will comprise approximately 130,000 PV modules installed on single-axis trackers, a technology designed to optimize energy yield by following the sun’s path and increasing irradiation capture compared to fixed systems.

A key pillar of the project is the long-term pay-as-produced Power Purchase Agreement (PPA) signed with Amazon. This represents the second renewable energy agreement between the two companies, following the large-scale PPA linked to the 750+ MW Önusberget wind farm in Sweden.

The financing structure combines both public and private sources. It includes contributions from Greece’s Recovery and Resilience Facility (RRF), funded by the European Union through NextGenerationEU under the national plan “Greece 2.0”, as well as debt financing from Piraeus Bank and Optima Bank.

Luxcara acquired a majority stake in the project in 2024 and has awarded the Engineering, Procurement and Construction (EPC) contract to Ameresco Sunel Energy S.A., a joint venture between Ameresco, Inc.—a cleantech integrator focused on energy efficiency and renewables—and Sunel Group, an international solar EPC contractor.

Construction is already underway, reinforcing Luxcara’s presence in the Greek market and highlighting the growing role of corporate PPAs in enabling new renewable energy developments across Europe.

According to Lorenz Hahn, Investment Manager at Luxcara, the transaction underscores the firm’s commitment to expanding its footprint in Greece and reflects continued collaboration with Amazon as a strong offtaker, while contributing to Europe’s energy independence and meeting rising electricity demand.