Power utility PPC is engaged in talks with the Copelouzos and Terna Energy groups for the establishment of a joint venture to operate Cretan wind energy parks with a total capacity of approximately 1,000 MW.
The trio also intends to secure capacity in the Crete-Athens grid interconnection once this project, being developed by power grid operator IPTO, has been completed.
Details being discussed include the prospective stakes each of the three companies in the common venture. An even split of 33 percent each is one of the options being considered.
Two major Cretan wind energy projects being developed by Terna Energy and the Copelouzos group’s Elika were merged in 2017 to simplify their respective financing procedures through the European Fund for Strategic Investments (EFSI), commonly known as the Juncker Package.
These wind energy parks, promising an overall capacity of approximately 950 MW, will be developed in four prefectures.
PPC’s involvement, if an agreement with Copelouzos and Terna Energy is reached, could offer the power utility a 330-MW capacity.
Besides the current talks with Copelouzos and Terna Energy, PPC has received over ten partnership offers by Greek and foreign firms over the past few months.
The power utility recently signed three Memorandums of Understanding for strategic partnerships in the renewable energy sector, including one with Masdar Taaleri Generation (MTG) concerning a 300-MW capacity.