Greek Utility To Build 300 MW RE With IN Partnership

PPC Group Of Greece Signs MoU With Masdar & Taaleri Energia Joint Venture To Develop At Least 300 MW Wind & Solar Projects In Country
09:27 AM (Beijing Time) - 21. December 2019
Greece flag-PNG

Masdar & Taaleri Energia’s JV launched in January 2019 has signed up PPC Renewables in Greece to co-develop 300 MW of wind and solar power capacity in the country.

Key Takeaways

  • PPC Group and MTG have signed a MoU to build a minimum of 300 MW of renewable energy capacity in Greece
  • Under the arrangement, the two companies will explore potential opportunities in wind and solar power domain
  • This collaboration for the Greek utility is in line with its plans to decarbonize its portfolio and build up renewables capacity
  • Also in Greece, RAE has received $0.05382 per kWh as the lowest winning bid for solar in its 512.5 MW solar and wind power tender, reported local media

The PPC Group is targeting to develop a minimum of 300 MW of renewable energy projects in Greece in partnership with Masdar Taaleri Generation (MTG), a 50:50 joint venture between Abu Dhabi’s Masdar and Finland based wind and solar developer Taaleri Energia. MTG develops renewable energy projects in Central and Eastern Europe, and was launched in January 2019 (see Masdar Focuses On RE In Europe).

Under a memorandum of understanding (MoU) signed between MTG and PPC subsidiary PPC Renewables, the two partners will pursue potential collaboration pathways to develop and implement renewable energy projects in the European nation.

Their focus area will be wind and solar power projects, based on the optimum business model and collaboration structure in line with each party’s respective corporate policies, they said, adding that the proposed development of 300 MW capacity is in line with Greece’s ambitious targets for further increasing renewables’ penetration in its energy mix.

With an installed power capacity of 12.2 GW of thermal, hydro and renewable energy plants in Greek mainland and island regions, PPC, the largest power generator in Greece backed by the government, wants to decarbonize its business through accelerated lignite decommissioning and boosting investments in renewables going forward.

In a related development in Greece, the country’s energy regulator RAE has announced the results of its wind and solar power tender launched in September 2019 offering 512.5 MW cumulative capacity (see Greece Launches 512.5 MW Solar PV Wind Tender).

Greek energy news portal Energy Press reported that the lowest bid for solar PV capacity in this renewable energy auction went down as low as €0.05382 ($0.060) per kWh; RAE awarded 105.464 MW to PV projects with installations of up to 20 MW capacity. However, the tender was over-subscribed – RAE received bids for 43 projects with a total capacity of 147.65 MW (see Greece Attracts 148.64 MW Bids For Solar Tender). The tariff for solar PV technology was capped at €0.06602 per kWh.

The Greek government is aiming for 35% renewable energy share in its energy mix by 2030 under the draft National Energy & Climate Plan for which it was seeking public consultation till December 16, 2019 (see Greece To Chase 35% RES Share By 2030).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani