BUSINESS

PPC signs Florina plant deal with China’s CMEC

TAGS: Energy

China Machinery Engineering Corporation (CMEC) signed a memorandum of understanding on Wednesday with Greece’s leading utility Public Power Corporation (PPC) to build a coal-fired plant in northern Greece.

Under its “one belt, one road” strategy, China has been investing heavily in Greece in recent years, aiming to turn the country into a transhipment hub for its products into Europe.

Last month, China’s shipping conglomerate Cosco wrapped up the purchase of a 51 percent stake in Greece’s largest port Piraeus, while State Grid Corporation of China has been shortlisted for a 24 percent stake in Greece’s power grid ADMIE.

PPC, which is 51 percent state-owned, said in August it would team up with CMEC and private investors to tap coal mines in the northern region of Florina and build a second, more efficient coal-fired power plant.

[Reuters]

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