Public Power Corporation subsidiary PPC Renewables and RWE Renewables on Thursday announced the signing of a landmark agreement to form a joint venture in order to realize renewable energy source projects in Greece with a total capacity of at least 2 gigawatts.
The agreement was signed by Konstantinos Mavros, the chief executive officer of PPC Renewables, and Katja Wunschel, the chief operating officer for Onshore and Photovoltaics in Europe and Asia-Pacific of RWE Renewables.
This has successfully sealed efforts that started about a year-and-a-half ago.
PPC Renewables will contribute nine solar projects with a total capacity of 940 megawatts in West Macedonia, a region that hosts most of Greece’s lignite-powered electricity plants, while RWE Renewables – which will hold a 51% majority of shares in the joint venture – has ensured a series of solar projects of a similar size to be included in the joint venture.
The projects are expected to be operational in 2023, as works on the installation of the facilities is well under way. RWE Renewables has already set up its Athens subsidiary (RWE Greece), which it has staffed with a team of 10-15 people.
The CEO of PPC Renewables said: “PPC is committed to leading the energy transition in the country. Our extroversion is essential for the group’s transformation. Together with strong partners we are on track to meet our ambitious targets and drawing our own green deal.”
Mavros added that the signing of the agreement “marks a significant milestone in our journey. We welcome RWE to Greece and look forward to co-developing projects of unprecedented scale in the country.”
Wunschel, for her part, said: “European collaborations, like our partnership with PPC, are essential to making the energy transition happen. Greece is a promising growth market for us, with its high solar energy levels and clear commitment to renewables.”
“As one of the world’s leading renewable energy companies, we will contribute significantly with our experience and knowledge to ensure this cooperation is a success. Growing new renewable energies is the clear focus for RWE,” Wunschel pointed out.