Cox Enterprises, a privately held global conglomerate headquartered in the US and holding interests primarily in automotive services, communications and media, has reached an agreement with Spec Solaris, a member of the Panagakos Group, for the immediate purchase and development of solar energy farm projects with a total capacity of 18 MW.
These projects represent part of a 275-MW package of 43 PV parks in mainland Greece and the Peloponnese for which the Panagakos Group has secured tariffs.
This deal is expected to be the American investment company’s first of more to come in Greece. Cox Enterprises, currently pursuing investment opportunities in various sectors around the world, is believed to be aiming to amass a Greek RES portfolio of about 1 GW.
The American investment fund, which appears to have sought RES capacities of approximately 400 MW in Greece in the past, through other companies, is currently seeking further acquisitions of solar and wind projects in Greece, either under construction or at a mature stage. It has held talks with Greek companies without reaching any agreement so far.
The first batch of 18 MW in Spec Solaris solar energy projects to be acquired by Cox Enterprises must be ready by January, 2021, meaning their installation needs to be carried out swiftly if binding terms are to be honored.
The American investment company is believed to have reached an agreement with a listed Greek firm for the project’s construction.
The American investment firm is expected to soon also acquire the remaining 257 MW of solar energy park capacities held by the Panagakos Group. These have completion deadlines ranging between April and October in 2022.
The 275-MW package held by Spec Solaris was inducted into a fast-track procedure for strategic investments a decade ago.
Cox Enterprises is believed to be one of dozens of foreign investment funds seeking to make a dynamic entry into the Greek RES market, especially the PV sector, offering attractive terms, including fixed 20-year yields.