Looking forward to RES auctions scheduled for this coming April, PPC Renewables aims to develop 700 MW in RES capacity over the next two years, primarily in the wind and photovoltaic energy domains.
PPC Renewables intends to begin with 18 wind and small hydropower projects totaling 90 MW and budgeted at 114 million euros. Their financing was secured just weeks ago by the European Invetsment Bank.
PPC Renewables will be taking part in the energy ministry’s upcoming RES auctions backed by a strong portfolio comprised of wind and photovoltaic projects in various parts of Greece. These include 30 MW in Karditsa, 10 MW in Kefalonia and 4.5 MW in Tinos.
PPC Renewables is also currently examining buying stakes in existing licenses, locally and especially abroad, to develop projects with partners. Albania, Kosovo and Ukraine appear to be the foreign markets being targeted for projects with capacities ranging between 1 and 2 MW to begin with. The EBRD and World Bank, financing green projects in developing markets, appear likely to participate in these investments.
Besides its plans to develop mature projects, PPC Renewables is also considering working on projects of medium maturity, for completion by 2020. These projects, which include investments in the wind, geothermal and biomass sectors, possess a total capacity of 244 MW and are budgeted at 430 million euros in total.
PPC Renewables is also in the process of gaining a license for a 200-MW photovoltaic project budgeted at 160 million euros, which the firm expects to develop by 2020.
The firm is also planning to develop geothermal facilities on the island Santorini as joint projects with the local municipality. A tender staged by PPC Renewables in search of a strategic partner to co-develop geothermal fields in Methana, Lesvos, Nisyros, Milos, Kimolos and Polyaigos is currently in progress. Six participants face an end-of-January deadline to submit their binding offers. PPC Renewables is expected to have named its strategic partner by March.
Ilias Monaholias, the head official at PPC Renewables, admitted feeling perplexed by a concern over geothermal development expressed on the islands Nisyros and Milos. “It is difficult for me to understand why other islands fear geothermal development when Santorini does not,” Monaholias remarked.