The European solar energy platform of Green Investment Group (GIG), Cero Generation is partnering with Greek renewable energy developer Wattcrop to launch a new joint venture (JV) targeting the Greek solar market.
Over the next 4 years, they plan to develop 750 MW of solar power capacity in the European nation. To start with, they will co-develop Wattcrop's existing portfolio of over 480 MW early-stage projects, and say have identified an ambitious future pipeline, supported by the country's emerging power purchase agreement (PPA) market.
To this partnership Wattcrop brings its local experience, and Cero its technical and financial expertise. To meet its 61% renewable energy target for power mix by 2030, Greece is counting on solar PV as one of the main deliverers. In Janaury 2021, Wattcrop secured production license for its 33 solar projects with a combined capacity of 250 MW from the Greek Regulatory Authority (RAE), under the latter's December 2020 cycle.
This development also marks the entry of Cero Generation in Greece. The company touts more than 8 GW under development as one of Europe's largest solar development portfolios (see GIG Launches Cero With 8 GW Solar Development Portfolio).
Cero Generation is expanding fast. In May 2021, it joined hands with EDF Renewables to acquire 45% stake each in GLHD to implement 2.4 GW agrivoltaics project portfolio in France (see Partnership For 2.4 GW Agrivoltaics Projects In France).
Cero Generation's Greek entry follows Lightsource BP that announced a co-dveelopment agreement with Kiefer TEK for 640 MW solar capacity in May 2021 (see Lightsource BP Enters Greece; Expands Iberian Portfolio).