- Econergy has joined hands with Terna Energy of Greece to invest in the country’s renewables market
- It will acquire 49% stake in 2 companies developing 460 MW solar power capacity in Kilkis region
- Projects are expected to enter construction in Q4/2023 to be completed and grid connected by the end of 2024
Israel based renewable energy company Econergy Renewable Energy is entering the Greek renewables market in partnership with local company Terna Energy to co-develop 460 MW solar PV capacity.
Under the agreement signed, Econergy will acquire a 49% stake in 2 project companies of solar power plants of 240 MW and 220 MW, both located in the Kilkis region of the country. Both the facilities are estimated to cost €265 million, out of which around €130 million will be invested by the Israeli company.
This 460 MW capacity is scheduled to reach the ready-to-build phase by Q3/2023 and construction is scheduled to commence in Q4/2023 and go on till the end of 2024 when it will be connected to the grid.
“We will continue to expand our operations in the Greek market through the establishment of a local team with experience and connections and the development of additional projects,” shared Econergy CEO Eyal Podhorzer.
The company sees potential for significant growth in Greece citing its long-term tariff tenders, possibility of selling electricity on the free market at attractive prices and relatively high radiation here.
Currently, Econergy develops solar, wind and storage projects across Europe including the UK, Italy, Spain, Romania and Poland, counting its cumulative pipeline as over 6 GW. By 2024, it targets to have close to 3 GW of renewable energy projects grid connected. In January 2022, it announced plans to develop 900 MW solar PV and 800 MW storage capacity in the UK by 2025 (see Econergy Plans GW-Level UK Solar & Storage Pipeline).