Germany's RWE and Greece's PPC have officially signed up on an agreement to launch a 50:50 joint venture (JV) to realize renewable energy projects in Greece with a 51%:49% share. Initially, the JV will focus on developing large-scale solar power projects of up to 2 GW capacity.
Both the companies are entering the JV through their respective subsidiaries RWE Renewables and PPC Renewables.
The Greek counterpart will bring in 9 solar power projects with a combined capacity of 940 MW DC/870 MW AC located in West Macedonia region, within the boundaries of the former Amyntaio open pit lignite mine.
RWE Renewables said it has secured an under-development Greek PV project pipeline of a similar size to be included in the venture. Advanced projects are expected to come online in 2023, and remaining early stage projects could start operations in 2025.
For Greek power utility PPC, this agreement will enable to it decarbonize its portfolio with the addition of renewables, for RWE it marks its entry into the Greek market. RWE counts its total global operational renewables capacity of over 9 GW with another 1.4 GW DC/1.2 GW AC solar PV capacity under construction.
The JV agreement follows the duo entering a Heads of Terms contract signed earlier this year, said RWE. Both companies had signed a memorandum of understanding (MoU) in March 2020 to carry out joint development of solar PV capacity in lignite mining regions of Greece, followed by PPC Renewables securing producer certificates from the RAE to build 1.9 GW solar in Western Macedonia (see PPC Renewables To Build 1.9 GW Solar On Lignite Sites).
Both the partners confirmed they may extend their cooperation to more solar PV projects and also explore new opportunities.
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