Shenhua joins power market through deal with PPC, Copelouzos

Shenhua joins power market through deal with PPC, Copelouzos

Public Power Corporation and the Copelouzos Group have opened the door to China’s Shenhua group to enter the Greek electricity market, by way of cooperation deals signed in the last few months.

The Chinese state company, which is the world’s biggest coal producer and one of the biggest producers of electrical energy from conventional sources in China, had been scanning the Greek market systematically for over a year, with its interest covering the entire range of electricity from renewable energy sources and energy management services to conventional units.

In May Shenhua signed a memorandum of cooperation with the Copelouzos Group, while in September a second was inked with PPC, in the context of the Thessaloniki International Fair. Yesterday Copelouzos announced it had signed a development agreement with Shenhua that provides for cooperation in a series of investments concerning green energy and the environmental upgrading of power producing units, totaling an estimated 3 billion euros.

Among the specific deals announced were the acquisition by Shenhua Renewables of 75 percent of shares in four windparks Copelouzos is developing and the signing of a three-way memorandum of understanding between Copelouzos, PPC and Shenhua for the Chinese group to become a partner in PPC Solar Solutions SA.

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