The board at power utility PPC has unanimously approved an agreement between fully owned subsidiary PPC Renewables and Germany’s RWE Renewables for solar energy project investments and a portfolio of up to 2 GW through a joint venture to be established in June, PPC has announced.
RWE Renewables will hold a 51 percent stake in the joint venture with 49 percent going to PPC Renewables, PPC specified.
Development of the collaboration’s first projects, stemming from the PPC Renewables portfolio, is expected to begin early in 2022.
PPC will initially limit its involvement to contributing licenses, not capital, to the joint venture, while RWE Renewables will provide investment amounts required for the development of these early projects.
The joint venture’s establishment of a 2-GW solar energy portfolio will require investments estimated at one billion euros, while approximately 1,000 jobs will be created.