PPC Renewables, a power utility PPC subsidiary, and Germany’s RWE Renewables are expected to seal their joint venture agreement today, paving the way for the development of solar energy projects to offer a total capacity of nearly 2 GW, energypress sources have informed.
PPC Renewables will contribute 940 MW in PV projects, planned to be developed at the location of the Amynteo lignite mines in northern Greece. The company has already secured a first batch of environmental permits for these projects.
RWE will offer producer certificate licenses bought from Greek company IDEA. These licenses are for two solar farms with respective capacities of approximately 700 and 300 MW.
The joint venture plans to start with the Amynteo projects, their development expected to begin in the first half of 2022. PPC Renewables has already formed nine special purpose vehicles for these projects.
RWE Renewables, holding a 51 percent stake in the joint venture, has established a subsidiary in Greece, RWE Greece, currently being staffed.
PPC’s board had approved the agreement between the two partners in February.