Ellaktor wind farm development on Evia, with EDPR, 24 months away

Leading infrastructure group Ellaktor’s development plan for wind energy projects with a 436.8-MW capacity on the island Evia, slightly northeast of Athens, as a joint venture with Portugal’s EDPR, is undergoing licensing, while construction is not expected to begin for another 24 months, the group’s new chief executive, Efthimios Bouloutas has informed during his first news conference at the company helm.

Ellaktor plans to invest 20.5 million euros, from a 120.5 million-euro equity capital increase, in the development of RES projects for a 500-MW portfolio increase, Bouloutas reiterated, referring to the new administration’s plans.

The equity capital increase is expected to be completed in July following the prospectus’ approval by the Capital Market Commission in late-June, Bouloutas anticipated.

Ellaktor is keen to expand its RES portfolio, currently dominated by wind energy projects, through acquisitions of other wind energy facilities as well as solar parks.

RES-sector involvement has proven pivotal in keeping the group afloat during times of crisis. Ellaktor’s installed capacity currently totals 493 MW, according to the group’s 1Q results.

More than half of Ellaktor’s EBITDA figure posted for the first quarter of 2021 – 28 million euros of 40 million in total – stemmed from RES interests.

Ellaktor projects totaling 88 MW are currently under construction and expected to be completed beyond 2023.