PPC Renewables has named Ilektor, a member of the Ellaktor group, as its strategic partner for development of four geothermal fields in Greece following the completion of an older international tender that had remained stagnant.
Ilektor emerged as the highest bidder, followed by Terna Energy, for the utilization of geothermal fields in Lesvos, the Milos-Kimolos-Polyaigos island complex, Nisyros and Methana to generate electricity.
A license held by PPC Renewables’ parent company, power utility PPC, offering exclusive exploration and production rights for these geothermal fields, was recently extended by the Greek State.
Ilektor, the strategic partner, will be given a majority stake in an SPV formed by PPC Renewables for this project.
The SPV will take on financing, construction and operation of geothermal field-linked power stations with capacities of 8 MW for Lesvos and 5 MW for each of the three other areas.
PPC Renewables aims to begin geothermal exploration activities at the Milos-Kimolos-Polyaigos group of islands by the end of this year, when it is believed local communities will have been informed and offered their consent.
According to the project’s schedule, a power station fed by the Milos-Kimolos-Polyaigos field should be ready to operate by 2025.
Development of the Lesvos, Nisyros and Methana fields will be left for later on.