PPC Renewables, a subsidiary of the main power utility PPC, begins its new era under a newly appointed board and leadership with a series of pending issues that need to be resolved and an objective to upgrade its role in Greece’s renewable energy sources (RES) market.
The parent company’s CEO, Manolis Panagiotakis, has been appointed chairman at PPC Renewables, and Mihail Verriopoulos, a civil engineer, its managing director.
According to sources, the subsidiary’s new board has already placed two projects at the top of its agenda. It will push to launch a hydropower facility at the Ilarionas dam in the Kozani area, northern Greece, and also strive to develop a large-scale wind-energy park on the island of Andros.
PPC Renewables is on an upward trajectory. It posted robust financial results and is pursuing an ambitious business plan that includes investments worth 327 million euros for the four-year period covering 2014-2017.
Without a doubt, these investments have not avoided the problems being encountered by virtually all entrepreneurial efforts in recession-struck Greece, the main issue being financing availability. However, the Andros project appears to have resolved this concern.
Through its investment plan, PPC Renewables is aiming to more than double its portfolio of installed capacity, from 148 MW at present to 313 MW.