RWE Renewables has formed a joint venture in Greece with an initial solar project pipeline of 2GW.
RWE Renewables has joined forces with power utility PPC to “help accelerate” the Greek energy transition by developing large-scale solar projects in the country.
RWE Renewables will own a 51% stake and PPC Renewables a 49% stake in the new company.
PPC Renewables will contribute nine solar projects with a combined total of 870MW, which are located in northern Greece’s west Macedonia region, within the boundaries of the former Amyntaio open pit lignite mine.
RWE Renewables has secured a Greek photovoltaic project pipeline of similar size for the purpose of including it in the joint venture.
The photovoltaic projects are in various stages of development: The advanced projects are expected to start operating in 2023.
Further early stage projects could follow in 2025. Both parties agreed to keep the financial terms of the transaction confidential.
PPC Renewables chief executive Konstantinos Mavros said: “PPC is committed to leading the energy transition in the country.
“Together with strong partners we are on track to meet our ambitious targets and drawing our own green deal.”
Katja Wunschel, chief operations officer at RWE Renewables for onshore and PV Europe and Asia-Pacific, said: “Greece is a promising growth market for us, with its high solar energy levels and clear commitment to renewables.”