Israeli company Econergy Renewable Energy Ltd announced that it has signed an agreement with the Greek company Terna Energy for the development and construction of a 460 MW solar portfolio in Greece.
Under the terms of the agreement, the Israeli renewable energy producer will buy a 49% stake in the Greek company, which owns two companies currently working on developing solar projects – one of 240 MW and the other of 220 MW.
Investments in the construction of a solar farm are expected to amount to about 265m euros. Of this amount, about 130 million euros corresponds to the share of Ecoenergy.
Two solar farms will be located in the Kilkis region of Greece. Econergy expects the projects to be ready for construction by the third quarter of 2023, so construction work could begin next quarter.
Construction and commissioning are expected to be completed by the end of 2024, Econergy said.
Participation in one of the largest solar portfolios in Greece represents Econergy’s entry into the Greek market.
The company will continue to expand its business in the Greek market by establishing a local team and developing additional projects, said CEO Eial Podhorzer in a statement.