PPC plans to launch RWE joint venture with 300-400 MW in projects

Power utility PPC plans to develop RES projects with a capacity of 300 to 400 MW as a first step in a prospective joint venture with Germany’s RWE. The two sides signed a Memorandum of Understanding in Berlin yesterday.

RWE also plans to add projects to the joint venture, either through license purchases or acquisitions of existing projects around Greece, a procedure expected to start soon.

A joint venture in the form of an SPV offering its partners a 51-49 percent share is expected to be established.

Projects currently in PPC subsidiary PPC Renewables’ portfolio are planned to be brought into the joint venture with RWE along with a fraction of new solar energy projects – totaling 2 GW – envisioned by the power utility for development at Greece’s lignite-dependent west Macedonia region.

PPC does not intend to include in the joint venture a new 230-MW solar energy project planned to be developed independently by PPC Renewables in three sections.

At present, the PPC Renewables portfolio consists of completed RES projects totaling 150 MW, 100 MW in projects under construction, as well as 280 MW in projects either licensed or about to be licensed.

RWE, according to a second section of the MoU, will offer guidance to PPC for its decarbonization effort.