Cox Enterprises seeks to expand its renewable energy capacity in Greece to about 1 GW and has started with a 18 MW purchase from Spes Solaris from whom it plans to buy 275 MW PV capacity in the near future. (Photo Credit: Cox Enterprises)
- Cox Enterprises has signed up to acquire 18 MW solar power capacity in Greece
- Spes Solaris will sell this capacity out of 275 MW PV it plans to eventually sell to the American firm
- Cox Enterprises has a plan to own a portfolio of about 1 GW renewable energy capacity in Greece in the long term
US based global conglomerate Cox Enterprises will be buying 18 MW of solar power development capacity in Greece from Spes Solaris, a part of the Panagakos Group. These projects are part of about 1 GW renewable energy portfolio, reported local energy news portal, Energy Press that the American company eventually aims for to own in the country.
The 18 MW capacity needs to be commissioned by January 2021. Construction will be carried out by a ‘listed Greek firm’ with whom the company has reached an agreement.
Together these projects are part of a 275 MW Panagakos portfolio of 43 parks in mainland Greece and Peloponnese that Cox plans to eventually acquire. Entire 257 MW capacity needs to be up and running between April 2022 and October 2022 as per terms of bidding concluded by the country’s Regulatory Energy Authority (RAE).
Energy Press added that Cox Enterprises is among dozens of foreign investment funds seeking to make a ‘dynamic entry’ into the Greek renewable energy market, especially PV sector offering attractive terms, including fixed 20-year yields.
The American company’s previous talks with other companies for around 400 MW have not borne fruit so far, but it is currently seeking further acquisitions of solar and wind projects in the country, either under construction or at a mature stage.
In May 2020, Spes Solaris secured installation license for over 7 solar parks representing 81 MW, following a similar approval for 10 projects of 36 MW.
Cox Enterprises plans to build a billion dollar line of business in clean technologies focusing on agriculture, water and energy, as per the company’s website. Last year in January 2019, it entered into a collaboration with Bloomberg, Gap, Salesforce and Workday to purchase 42.5 MW of solar energy from Germany’s BayWa.