Seeking to boost its earnings potential, the main power utility PPC intends to regain lost ground in the renewable energy sector through subsidiary firm PPC Renewables, the country’s first enterprise that launched RES ventures before eventually losing momentum.
The parent company has mandated PPC Renewables to pursue an ambitious course and triple its installed capacity over the next three years. PPC Renewables already holds a diverse RES portfolio that covers the wind, solar, geothermal, biomass, and hydropower sub-sectors.
According to Ilias Monaholias, the chief executive at PPC Renewables, the subsidiary has already begun work with the aim of boosting its RES market presence.
The company strategy includes accelerating the actualization of licensed projects, currently at various stages of development; acquiring exisiting RES projects that are already up and running, especially photovoltaic facilities, as well as licenses in the wind and hydropower domains; and increasing investment activity in foreign markets, either alone or through partnerships.
PPC Renewables intends to leverage company funds amounting to roughly 50 million euros with a bank loan to finance its investment program. The subsidiary is currently engaged in talks with the European Investment Bank (EIB) for a loan worth 115 million euros. It is expected to be endorsed by May. PPC Renewables is also in contact with the European Bank for Reconstruction and Development (EBRD) and foreign funds.
A plan by the subsidiary to reinvigorate its activity in the geothermal domain will serve as a key factor in the overall RES expansion drive.
PPC Renewables has announced the composition of a consulting team to stage an international tender for research and development of four geothermal fields in Lesvos, Nisyros, Milos and Methana. PPC Renewables holds exclusive research and exploitation rights for all four.
PPC Renewables expects to sign an agreement with the consulting team, comprised of Euroconsultant, Mannvvit and CAMConsultants, within the next few days.
The winning bidder will be expected to establish a joint venture with PPC Renewables for the development of a geothermal station possessing a capacity of at least 8 MW on Lesvos as well as 5-MW facilities at the three other locations. If research to be conducted reveals greater energy potential, then the capacities of these geothermal stations will be increased.