ECONOMY

RWE to sign cooperation deal with PPC

rwe-to-sign-cooperation-deal-with-ppc

The transition from mineral fuels such as lignite to renewable energy sources is bringing new investors to Greece.

On Monday, Germany's RWE is set to sign a memorandum of understanding with Public Power Corporation (PPC) for the joint construction of RES projects in Greece.

The German company will also sign an agreement with PPC for supplying know-how in the difficult task of decarbonization in western Macedonia and at Megalopoli, in the Peloponnese.

RWE's interest is focused on the 2.5-gigawatt photovoltaic park that PPC is planning to develop in the vicinity of its mines in Ptolemaida, in western Macedonia. It will also examine the possibility of transforming some PPC lignite-powered units into biomass plants.

Through a program of divestment from mineral fuels, RWE managed to slash its carbon dioxide emissions by a third between 2012 and 2018 and also acquired the know-how to share with PPC, as the Greek utility has targeted the withdrawal of its existing coal-fired units up to 2023.

Interest in the sector has also come from US firms Blackstone and Quantum, the Arab-interest Masdar, Norway's Equinor and Denmark's CIP.