PPC Renewables, a wholly owned main power utility PPC subsidiary, is planning to join two corporate groups for the development of major photovoltaic parks around Greece with a total capacity of 397 MW.

At the same, PPC Renewables is seeking to revitalize an older plan entailing the development of a 200-MW photovoltaic park in Ptolemaida, northern Greece, PPC chief executive Manolis Panagiotakis announced at a PPC shareholders’ meeting late last week.

Overall, PPC Renewables is striving to develop four major photovoltaic parks with a total capacity of just under 600 MW. The total budget for all four projects is estimated at 420 million euros.

Fast-track procedures for the batch of PV projects totalling 397 MW were initiated in 2011 and 2012.

The assurance of far smaller yet stable tariffs offered through the country’s new legal framework has been pivotal in bringing the old fast-track photovoltaic investment plans back into play again.

Photovoltaic investment plans categorized as fast-track strategic investments in the past do not need to participate in auctions but, instead, are offered steady tariffs.

RAE, the Regulatory Authority for Energy, has set a tariff measuring 85 percent of a previous price set for a PV pilot auction. As a result, PV producers are being guaranteed a tariff of just under 70 euros per MWh for a 20-year period, which is believed to ensure sustainability for investments.