German energy group RWE intends to invest approximately one billion euros in Greece’s renewable energy market over the next few years.
Details of the investment plan will be included in a Memorandum of Understanding expected to be signed today by the company heads of the German group and Greek power utility PPC at a Greek-German economic forum in Berlin.
RWE’s investment plan includes providing PPC expertise for its decarbonization effort. A prospective conversion of an existing PPC lignite-fired power station into a biomass facility, as well as joint investments in solar and wind energy projects with PPC subsidiary PPC Renewables are among the projects listed in the investment plan.
German renewable energy investment interest is focused on solar and wind energy projects. Other related technologies such as offshore wind facilities, as had been reported in the past, are not being considered.
RWE chief executive Rolf Martin Schmitz had informed Greek Prime Minister Kyriakos Mitsotakis of the German energy group’s interest to invest and provide knowhow at a meeting in Germany last October.
Between 2012 and 2018, RWE reduced its CO2 emissions by 60 million tons, a 30 percent reduction. The group, looking to be fossil fuel-free by 2040, will focus on further development in the RES and energy storage domains, an investment effort estimated at 1.5 billion euros. Germany has pledged to be carbon-free by 2038.