PPC Renewables, a subsidiary of state-controlled Public Power Corporation (PPC), and German energy company RWE have signed an agreement of the establishment of a joint venture aimed at developing up to 2 GW in solar capacity in Greece.
According to the agreement, RWE will hold 51 % stake in the joint venture, while PPC Renewables owns the remaining 49 %. However, financial details of the agreement have not been disclosed.
PPC Renewables will contribute with nine solar projects on depleted coal mines in western Macedonia, totaling up to 940 MW in capacity, while RWE’s contribution should be in solar projects of similar size. First of the projects should come online as early as 2023.
In late 2020, a team of RWE officials, during their working visit to Greece, visited western Macedonia region, a lignite-dependent area, for on-site inspections of areas offering investment interest to the German company. Besides new projects, RWE is also interested to take on projects already being developed by other companies. The focus of RWE’s interest is on PPC’s plan for the installation of a solar power plant in Ptolemaida and the transformation of some lignite-fired electricity plants in the region of western Macedonia into units burning biomass.
PPC announced earlier that the two sides have agreed to focus on developing wind power and solar energy projects, which will be carried out according to each side’s established practices on the basis of a framework ensuring optimum cooperation and an appropriate business model.