Greece is one of the sunniest countries in Europe and has ambitious growth plans for renewable energies. RWE and PPC have joined forces to help accelerate the Greek energy transition by developing large-scale solar projects with a total capacity of up to 2 GW in the country. Through this collaboration, the Greek power utility will continue to decarbonise its portfolio and move to renewable energy sources. For RWE, this marks a first entry into the Greek market.
Following the signing of Heads of Terms earlier in 2021, RWE Renewables (51%) and PPC Renewables (49%) signed agreements to form a joint venture (JV) company through which the companies can realise renewable energy projects in Greece together.
PPC Renewables will contribute nine solar projects up to a combined total of 940 MW (870 MWac), which are located in northern Greece’s west Macedonia region, within the boundaries of the former Amyntaio open pit lignite mine.
RWE Renewables has secured a Greek photovoltaic (PV) project pipeline of similar size for the purpose of including it in the JV.
The PV projects are in various stages of development, and the advanced projects are expected to start operating in 2023. Further early stage projects could follow in 2025. Both parties agreed to keep the financial terms of the transaction confidential.
The partnership’s complementary strengths will accelerate the successful deployment of these renewable energy projects. RWE Renewables has an extensive track record and expertise in engineering, financing, construction and operations of renewable energy projects. The company has an operational renewables portfolio with an installed capacity of more than 9 GW and is currently constructing PV plants with a total capacity of 1.4 GW (1.2 GWac) worldwide.
PPC Renewables has in-depth knowledge of the Greek energy market, strong relationships with key stakeholders, and is well positioned to provide strong local management. Underlining the companies’ long-term commitment to the Greek market, RWE Renewables and PPC Renewables have the ambition to extend their co-operation to further PV projects as well as new opportunities.
PricewaterhouseCoopers Business Solutions S.A. acted as Financial Advisor to PPC for the transaction.
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