Panagakos group

Cox Enterprises begins Greek RES entry with Panagakos deal

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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.

 

 

 

 

 

 

More licenses for Spes Solaris, planning 43 solar parks and 275 MW

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Spes Solaris, a member of the Panagakos group, has been granted a new set of installation licenses for a further seven solar energy parks representing a total capacity of 81 MW.

The licenses, signed yesterday by development and investment minister Adonis Georgiadis, follow ten previous installation licenses for 36 MW in total.

More license approvals are expected to follow for Spes Solaris. The licenses to date represent part of a bigger company plan for 43 solar park projects with an overall capacity of 275 MW in mainland Greece and the Peloponnese.

All the projects in the Spes Solaris solar farm investment plan, included in a fast-track procedure several years ago, have secured fixed tariffs through RES auctions staged by RAE, the Regulatory Authority for Energy, over the past few months.

Having secured fixed tariffs for each of its project plans, Spes Solaris is now submitting applications, gradually, for installation licenses. The development and investment ministry is believed to be processing these applications through fast-track procedures.

Then, as a next step, Spes Solaris will need to sign connection agreements, for each project, with power grid operator IPTO or distribution network operator DEDDIE/HEDNO, before construction commences.

Electrification and completion deadlines vary for each project. Certain solar parks will need to be finalized by the end of this year. Others have until October, 2022.

The size, fixed tariffs and heightening maturity of the Panagakos group investment plan, is proving to be an attraction for other investors.

The plan’s major potential has sparked talks with key players, Greek and foreign, either already active in Greece’s green energy market and looking to boost their RES portfolios or seeking entry.

RES auction produces record-low bid, by PPC Renewables

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A mixed RES auction staged yesterday by RAE, the Regulatory Authority for Energy, produced a record-low bid of 49.11 euros per MWh, submitted by PPC Renewables for a 200-MW solar park in Kozani, northern Greece.

A total of five major RES projects – four solar farms and one wind energy farm – secured tariffs at the session.

The auction’s average bidding price was 51.59 euros per MWh, far lower than previous levels.

The session’s only wind energy project, ENTEKA’s 153-MW facility in Vermio, northern Greece, struck a record low price, for the wind-energy category, of 54.7 euros per MWh. This project involves funding from US fund Quantum Energy Partners.

A 70-MW solar park project on EREN’s portfolio secured a price of 50.68 euros per MWh. A 42-MW park by EDF emerged from the session with a price of 50.87 euros per MWh. Also, Spes Solaris, a member of the Panagakos corporate group, secured a price of 54.82 euros per MWh for a 37.94-MW solar park project.

Four projects – two solar and two wind – failed to secure prices. ENTEKA missed out with two wind farm projects measuring 72 MW and 63 MW. A 50-MW solar park by PPC Renewables and a 23-MW solar park by EDF also missed out.

 

Major Greek energy companies represented for PM’s China trip

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The country’s energy sector is well represented in a business delegation accompanying Prime Minister Kyriakos Mitsotakis’ current official visit to China.

Greek energy corporations primarily active in electricity, renewable energy and energy project construction are represented by highly ranked officials.

Power utility PPC, represented by chief executive Giorgos Stassis; and top officials from Mytilineos group, the Copelouzos group, GEK Terna and the Panagakos group have joined the Greek Prime Minister for the China trip.

A significant energy-sector agreement has already been established by the two countries. In 2017, SGCC, the State Grid Corporation of China, acquired a 24 percent stake of power grid operator IPTO, one of the biggest Chinese investments in Greece to date.

In addition, a number of Chinese companies, including China Energy and the Sumec group, have signed Memorandums of Cooperation with Greek enterprises such as the Copelouzos group and PPC.

In the renewable energy market, Chinese-controlled EDP Renoveis has been awarded capacity, through competitive procedures, to develop RES projects.

SGCC has indicated it could be interested in an upcoming Greek electricity market privatization to offer a stake in distribution network operator DEDDIE/HEDNO.

Eight mixed auction applications submitted, 456 MW offered

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Prospective participants of Greece’s first mixed RES auction, scheduled for April 15 and designed to place wind and solar energy investors in the same bidding arena with equal terms for intensified competition, submitted eight applications representing a total capacity of 637.78 MW on the recent March 21 deadline.

This means that a total capacity of 456 MW will be offered to bidders instead of the entire 600-MW amount announced by RAE, the Regulatory Authority for Energy, as a result of a regulation designed to intensify competition.

The total amount requested through the applications would have needed to exceed the 600-MW total by 40 percent if the full amount were to be offered at the upcoming auction.

Confirming previous energypress reports, the overwhelming majority of applications concern solar energy projects.

Authorities are now processing applications to determine the eligibility of interested parties interested in taking part in April’s mixed RES auction.

Solar or wind energy projects over 20 MW, PV projects that have qualified for fast-track procedures, as well as mixed wind-and-solar projects to be jointly connected to the grid are all eligible for participation at the forthcoming mixed auction.

A 200-MW solar energy park project planned by PPC Renewables in Kozani, northern Greece, another 200-MW solar energy project planned by JUWI Hellas, as well as two projects totalling 104 MW and planned by Spes Solaris, a member of the Panagakos group, are among the major projects expected to take part in the mixed RES auction. The two Spes Solaris projects are fast-track procedure qualifiers.

Upcoming mixed RES auction applications submitted today

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Procedures leading to the country’s first mixed RES auction, to place the sector’s main players, wind and solar energy investors, in the same bidding arena with equal terms for intensified competition, begin today with the submission of online applications.

These will be followed by the submission of dossiers containing all required documents ahead of the auction, expected on April 15, according to an announcement made by RAE, the Regulatory Authority for Energy.

A total of 600 MW will be offered to auction participants. Amounts requested in applications will need to exceed this 600-MW total by 40 percent if the entire amount is to be offered at the upcoming auction.

Terna Energy, Mytilineos, PPC, the Panagakos group, as well as major foreign players such as Total Eren, Juwi, EDF and ENEL are among the firms likely to participate.

Mixed RES auctions have become standard practice in other European markets, the objective being to secure optimal solutions for coverage of energy needs at the lowest possible cost.

 

Extrajudicial action from Panagakos group for RES auction cancellation

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The Panagakos group, owner of the Spes Solaris renewable energy company, has taken extrajudicial action against RAE, the Regulatory Authority for Energy, following its postponement of the RES auction’s session for large-scale PV projects on December 10.

The energy authority cancelled the session after concluding the company was manipulating proceedings.

In its extrajudicial action, the Panagakos group complains of the defamation suffered by its corporate member and also requests that RAE revoke its decision to cancel the competition.

The corporate group has also sent letters with its claims to the energy ministry, development ministry and other authorities.

In essence, the Panagakos corporate group is making clear its next moves as to whether to file a case against RAE will depend on the terms and conditions to be set for the rescheduled auction, expected in January.

The company wants an end to constant obstacles preventing the development of its investment plan for RES projects with a total capacity of 275 MW, a group official noted.

The Panagakos group had set a strategic plan to develop these projects, 45 in all, seven years ago. They have yet to be developed.