Two months after signing a Memorandum of Understanding, PPC Renewables, a wholly owned subsidiary of main power utility PPC, and China’s Sumec Group, a member of the China National Machinery Industry Corporation (Sinomach), are preparing to enter the Cypriot market.
The two partners intend to establish a joint venture for development of RES projects, especially wind and solar facilities, as well as energy efficiency initiatives through emphasis on net metering, a domain expected to experience considerable growth in Cyprus over the next few years.
Ilias Monaholias, the head official at PPC Renewables, who recently made note of the MoU signed with Sumac, stressed that emphasis will be placed on identifying the best possible RES sector investments and bolstering the investment activity of PPC Renewables, domestically and abroad.
Christopher Tan, director of Sumec Clean Energy International, informed the company is examining prospective projects in the Balkans and wider southeast Europe region.
China National Machinery Industry Corporation (Sinomach), Sumec’s parent company, also controls CMEC, which has signed an MoU with PPC for development of lignite projects.