PPC Renewables moving ahead with investment plans despite crisis

PPC Renewables, a subsidiary of power utility PPC, has, for the time being, remained unperturbed by the extremely adverse investment conditions prompted by the coronavirus pandemic and moved ahead with green energy project plans.

The company has completed tenders offering development contracts for a 5-MW hydropower facility in Karditsa, mainland Greece, as well as the first 15-MW stage of a 230-MW solar park in Ptolemaida, northern Greece.

The winning bidders of both contracts should be announced around late April or early May, barring unexpected developments.

PPC Renewables has already launched a second tender for the Ptolemaida solar park, once again offering a development contract for 15 MW, ahead of the 230-MW project’s main tender, for 200 MW, expected in mid-April.

The company secured a price of 49.11 euros per MWh for its Ptolemaida project at an auction staged today by RAE, the Regulatory Authority for Energy.

During its construction stages, the Ptolemaida project is expected to create at least 300 jobs, while, when completed, the facility should generate 390,000 MWh, enough to cover the needs of 290,000 persons.

PPC Renewables is expected to be among the first companies to induct projects into the Target Model, in other words, contracts with consumers whose prices will no longer be determined at auctions staged by RAE, the Regulatory Authority for Energy.