ECONOMY

PPC promoting RES

Public Power Corporation (PPC) decided to split its Renewable Energy Sources (RES) sector from the main company during its extraordinary general meeting yesterday. The decision was taken in the context of PPC’s plan to expand rapidly in the developing market of RES. Through a flexible organizational vehicle that will facilitate business cooperation with third parties, PPC intends to realize its ambitious investment program providing for the construction and operation of 1,540 megawatts from RES by 2014. Once this investment plan is implemented, PPC aims to gain a 22 percent market share by 2014, from its current 8.1 percent. PPC RES recently agreed to cooperate with EdF Energies Nouvelles for the development of windparks of total capacity 122 MW and with ETBA bank for the development of photovoltaic parks of 35 MW. It has also submitted applications to the Regulatory Authority for Energy for the licensing of photovoltaic installations totalling 140 MW.