A joint venture agreed to by PPC Renewables and RWE Renewables, respective subsidiaries of Greek power utility PPC and German power company RWE, will be launched in October with the objective of developing solar farms with an overall capacity of up to 2 GW in Greece over the next three to five years. The investment plan is worth over one billion euros.

As previously reported, the two energy groups will each contribute 1 GW in solar parks to the joint venture, with RWE Renewables holding a 51 percent share of the company.

The partners intend to begin developing RES facilities by the first half of next year. PPC Renewables has made progress with licensing procedures for the majority of its projects planned for the western Macedonia region in northern Greece. These prospective units will be included in the joint venture’s portfolio.

The joint venture’s projects are expected to create some 1,000 jobs during development.