Power utility PPC’s board is today expected to endorse a joint-venture agreement reached some time ago with RWE, Germany’s biggest power producer, for RES investments.

The agreement, giving RWE a 51 percent share of the joint venture and PPC the other 49 percent, is expected to be PPC’s first of more to come for RES sector investments.

Today’s anticipated endorsement by the PPC board represents a first step towards the agreement’s implementation.

As chief partner of the joint venture, RWE will provide greater capital amounts for investments and maintain control.

The partners plan to establish a 2-GW portfolio of solar energy facilities in Greece, contributing roughly 1 GW each.

Their agreement was presented through a virtual conference on January 29, co-staged by Greece’s development and energy ministries.

PPC plans to develop major-scale solar energy farms in northern Greece’s west Macedonia region and the Peloponnese, amongst others, for this joint venture. RWE has yet to decide on its project contributions.

The German company intends to seek investment opportunities through thousands of producer certificate applications submitted to RAE, the Regulatory Authority for Energy, in a December licensing cycle. These applications represent a total capacity of 34 GW.

Given the Greek market’s current cost for installing PV facilities, estimated at 500,000 euros per 1 MW, the 2-GW portfolio planned by PPC and RWE represents a one billion-euro investment.