Econergy Renewable Energy has entered the Greek clean power market through a partnership with Terna Energy to develop solar projects totalling 460MW.
The agreement will see Econergy acquire 49% of the share capital of a Greek company that owns two companies in Greece, which are each in the process of developing solar plants of 240MW and 220MW.
The total investment for the construction of the projects is estimated at €265m, of which Econergy’s shares are approximately €130m.
The two projects are located in the Kilkis region of Greece.
Econergy anticipates that the projects will reach the ready-to-build phase by the third quarter of 2023, with construction work expected to begin in the fourth quarter of the same year.
Construction is expected to be completed by the end of 2024, when the project will be connected to the network.
Econergy said its entry into the Greek market aligns with the company’s strategy to expand its operations throughout Europe and underlines the strength of its development pipeline.
Econergy chief executive Eyal Podhorzer said: “We are delighted to be entering the Greek market through this partnership with Terna.
“We will continue to expand our operations in the Greek market through the establishment of a local team with experience and connections and the development of additional projects.
“We will continue to progress our portfolio in Greece and across other European markets as we look to play a leading role in the continent’s energy transition and reducing our reliance on foreign fossil fuels.”