Macquarie’s Solar player Cero Generation and Greek renewables outfit Wattcrop have set up a joint venture with the aim of developing 750MW of PV projects in the latter’s home market in the next four years.
Cero and Wattcrop will initially co-develop Wattcrop’s existing portfolio, which consists of more than 480MW early-stage projects.
The larger goal is supported by Greece’s emerging power purchase agreement market, the partners said.
The partnership brings together two experienced teams, with a track record in renewable energy development, the said. Wattcrop’s has managed hundreds of megawatts of solar and onshore wind assets to date while Wattcrop has an experienced engineering team based in Greece.
Greece has a target to ensure 61% of all electricity consumed in country comes from renewable sources by 2030, and expects solar PV to be one of the main contributing technologies.
By combining Cero’s technical experience and investment capacity with Wattcrop’s local expertise, the partnership is ideally placed to help meet this goal and accelerate Greece’s energy transition, they said.
Cero chief Nikolaj Harbo said: “This joint venture furthers Cero’s ambition to become Europe’s leading solar development company.”
Wattcrop Group managing partner Ypatios Moysiadis added: “Our Partnership with Cero Generation, a GIG portfolio company, will enable us to develop, build and operate quality renewable energy assets and accelerate the transformation and decarbonisation of electricity generation in Greece.”