PPC Renewables, a wholly owned subsidiary of main power utility PPC, plans to establish seven new specialized subsidiaries with the aim of developing various types of RES projects. Private investors will be given the opportunity to acquire stakes of as much as 51 percent in these ventures.
The seven new subsidiaries, or Special Purpose Vehicles (SPVs), will each focus on specific categories such as projects abroad, wind farm installations, biomass and geothermal electricity production, the board at PPC has decided. The plan is expected to be approved at an upcoming PPC Renewables shareholders’ meeting.
Through these SPVs, PPC Renewables will seek to benefit from the greater capacity enjoyed by private-sector enterprises in financing, construction and exploitation of energy project opportunities.
Depending on the nature of each project, PPC Renewables will – when it deems necessary – establish joint ventures with private-sector partners to be offered stakes of as much as 51 percent.
Business prospects being considered by PPC Renewables through the prospective subsidiaries include development of RES projects in Kosovo and and Turkey; wind farms with, for example, firms already holding licenses; construction of a major 100-MW wind farm – budgeted at 160 million euros – in the Rodopi area, northeastern Greece; as well as the development of biomass, biogas and geothermal faciilities.