State-controlled gas company DEPA Commercial plans to finalize connection terms for over 850 MW in RES projects by the end of this month as part of its plan to vertically integrate through entry into the domain of electricity production, energypress sources have informed.
DEPA Commercial intends to utilize its RES projects to establish power purchase agreements (PPAs) with major-scale consumers, as well as with the group’s retail gas subsidiary Fysiko Aerio, the sources added.
DEPA Commercial’s RES projects whose licensing procedures have reached an advanced stage represent a capacity of over 600 MW.
The gas company had established a business plan to enter electricity production prior to the outbreak of the energy crisis.
DEPA Commercial holds a 49 percent stake in renewable energy company North Solar, with an option to acquire the other 51 percent stake. North Solar’s RES portfolio totals 500 MW. Last summer, North Solar took over New Spes Concept, holding a 232-MW RES portfolio.
In addition, DEPA Commercial plans to finalize, within the next few days, its participation in an 840-MW gas-fueled power station in Alexandroupoli, northeastern Greece, along with power utility PPC and Damco Energy.