New Spes Concept

DEPA Commercial finalizing terms for 840-MW in RES units

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State-controlled gas company DEPA Commercial plans to finalize connection terms for over 850 MW in RES projects by the end of this month as part of its plan to vertically integrate through entry into the domain of electricity production, energypress sources have informed.

DEPA Commercial intends to utilize its RES projects to establish power purchase agreements (PPAs) with major-scale consumers, as well as with the group’s retail gas subsidiary Fysiko Aerio, the sources added.

DEPA Commercial’s RES projects whose licensing procedures have reached an advanced stage represent a capacity of over 600 MW.

The gas company had established a business plan to enter electricity production prior to the outbreak of the energy crisis.

DEPA Commercial holds a 49 percent stake in renewable energy company North Solar, with an option to acquire the other 51 percent stake. North Solar’s RES portfolio totals 500 MW. Last summer, North Solar took over New Spes Concept, holding a 232-MW RES portfolio.

In addition, DEPA Commercial plans to finalize, within the next few days, its participation in an 840-MW gas-fueled power station in Alexandroupoli, northeastern Greece, along with power utility PPC and Damco Energy.

 

DEPA Commercial makes another RES market acquisition

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Gas company DEPA Commercial has further penetrated the RES market by fully acquiring NEW SPES CONCEPT, possessing solar farms with a total capacity of 232 MW, and is preparing to buy a further 51 percent stake, for full ownership, of North Solar, whose business plan features 500-MW of solar farms in northern Greece’s west Macedonia region.

DEPA Commercial aims to build a RES portfolio with a 1-GW capacity.

NEW SPES CONCEPT is currently developing 14 solar energy projects and holds as many electricity producer certificates.

DEPA Commercial made a first step into the renewable energy market last year with the purchase of a 49 percent stake in North Solar and is now expected to exercise an option for the other 51 percent of the company.

North Solar’s 500-MW solar farms in the country’s west Macedonia region are expected to receive finalized connection terms in the third quarter of this year, sources informed.

Besides its stakes in NEW SPES CONCEPT and North Solar, DEPA Commercial also holds a 20-percent stake in Gastrade, a consortium established for the Alexandroupili FSRU project in the country’s northeast.