Greek renewable energy developer Faria Group has launched a new entity called Faria Renewables SA under a joint venture (JV) with the French private equity firm Omnes Capital to have over 1.5 GW capacity as an independent power producer (IPP) in the country, while exploring 5 GW internationally.
Plan is for the JV to develop its own greenfield pipeline and also explore merger and acquisitions (M&A) route for mid-to late-stage projects in Greece. "This dual source of projects will enable the creation of a platform of critical size, with more than 350 MW of operating capacity and a 1.5+ GW pipeline of projects over the next 4-6 years in Greece," stated the partners.
It then starts with the acquisition and construction of a 20 MW PV project in Central Greece on land what's 'ideal for solar PV development'. The project is scheduled to come online in Q1/2024.
Faria brings its local expertise and know-how to develop the JV in the Greek market that aims to phase out coal fired plants by 2028 with help from renewables. Under its revised National Energy and Climate Plan (NECP), Greece targets 14.1 GW solar PV capacity by 2030, up from 4.8 GW at the end of 2022, and scale it further up to 34.5 GW by 2050 (see Greece Targets 34.5 GW Total PV Capacity By 2050).
Additionally, to have a minimum of 5 GW capacity globally, Faria Renewables is also negotiating strategic partnerships in the offshore wind and green hydrogen sectors, it added.
Omnes has become part of the JV with Faria Renewables through its 5th generation renewable energy fund called Capenergie 5 that will own majority stake in the JV as it will deploy significant equity in the platform. Through this, Omnes also plans to explore both merger and acquisition (M&A) opportunities to acquire mid-to late-stage projects and develop the JV's own greenfield pipeline, it stated in an official statement.
In June 2023, Omnes announced the 1st close of Capenergie 5 at €800 million out of €1.35 billion target size. Along with Faria Renewables, Capenergie 5 has made 4 other investments in European renewable energy developers namely, Swedish solar PV developer Turn Energy, Austrian/German IPP CCE Holding, German onshore wind company Enova Value 2.0 and UK based solar PV and integrated battery storage developer Integrum Renewable Energy.
Omnes back then said all the 5 companies Capenergie 5 has invested in, are developing and building a multi-GW pipeline across 10 nations.