PPC Renewables, a power utility PPC subsidiary, and Germany’s RWE Renewables are expected to finalize a joint-venture agreement at the beginning of October for solar energy projects in Greece to offer a total capacity of nearly 2 GW.
PPC Renewables plans to contribute to the joint venture 940 MW in solar energy projects at Amynteo, the northern Greece location hosting 4,360 hectares in company lignite fields to be repurposed as part of the decarbonization effort. The Greek company has already received a first round of environmental permits.
RWE Renewables is at the final stage of its search for solar energy projects to total 1 GW.
The two partners will begin their collaboration with the Amynteo project. They plan to begin its development in the first half of 2022. PPC Renewables has established nine special purpose vehicles for these projects.
RWE Renewables, holding a 51 percent stake in the joint venture, has already established a Greek subsidiary, RWE Greece, currently being staffed.
Talks between PPC Renewables and RWE Renewables have intensified since early summer. The respective company heads, Konstantinos Mavros and Katja Wünschel, discussed the prospective partnership at the recent 5th Greek-German Economic Forum, while RWE officials have also visited Athens for negotiations.