The main power utility PPC needs to invest in the renewable energy domain as a fundamental growth tool, consulting firm McKinsey has advised in a business plan prepared for its client.

PPC should aim for a RES capacity of 2 GW to 2.5 GW between 2030 and 2035; increase its share in this sector from 3 percent to 10 percent by 2022; represent approximately 25 percent of new RES installations for the grid; boost its EBITDA operating profit stemming from renewable energy by a level of between 73 and 84 million euros by 2022; restructure its PPC Renewables subsidiary in terms of ownership and capabilities; and set up a specialized project development team at PPC Renewables.

PPC Renewables must aim for growth not only through PPC-owned projects but also partnership ventures involving the utility’s subsidiary and other firms, the business plan notes.

The plan also calls for 1.5 to 2 billion euros of PV investments for roughly 2.2 GW of additional solar capacity; wind energy investments of 1.8 to 2.4 billion euros for a resulting additional capacity of 1.4 to 1.9 GW, biomass investments worth 1.5 to 2.1 billion euros for 0.6 to 0.8 GW, as well as geothermal investments of 2.4 to 3.2 billion euros for 0.5 to 0.7 GW.