PPC Renewables

Reed Smith advises PPC Renewables on acquisition of wind projects portfolio from Intrakat S.A.

Posted on by admin

ATHENS – Global law firm Reed Smith has just announced that it has advised PPC Renewables S.M.S.A., the renewables arm of Public Power Corporation S.A., one of the leading power utilities in Southeast Europe, on its successful acquisition of a portfolio of wind assets totalling approximately 164 MW from Intrakat S.A.

In addition, the firm advised on the parties’ strategic cooperation for the joint development of a 1.6 GW renewable energy projects portfolio.

PPC Renewables, a wholly owned subsidiary of Public Power Corporation, one of the leading power utilities in Southeast Europe, has been a pioneer in wind and solar power sectors since the 80s. It currently operates a fleet of renewable power plants in excess of 700 MW, while it has a projects portfolio of 1 GW under construction. The company aims to create an expanded and diversified portfolio of renewable and energy storage projects totalling 5 GW within the next five years.

Intrakat Group is a leading player in the Greek construction sector, engaged in the development of large-scale infrastructure projects, the construction of commercial and industrial facilities, as well as the manufacturing of steel structures. The group is also actively involved in a wide range of other business activities such as telecoms, renewables, environmental management and the development of real estate projects.

The agreement concluded between the parties relates to the acquisition from PPC Renewables of three entities of Intrakat, which are owning either directly or indirectly, via SPVs, a portfolio of operating, under construction and ready-to-build wind power projects with an aggregate capacity of approximately 164 MW, and the participation of PPC Renewables in four entities of Intrakat, which are owning either directly or indirectly, via SPVs, a portfolio of wind and solar photovoltaic power projects under development, with an aggregate capacity of approximately 1.6

GW. The strategic cooperation between the parties may be further expanded under certain conditions to include a sizeable portfolio of battery energy storage projects.

The transaction corresponds to an enterprise value of €100 million for the percentage participation of PPC Renewables, while the value of the joint investment, in its potential full development, is estimated to exceed €1 billion.

The Reed Smith team that advised on the deal was led by Athens corporate partner Dimitris Assimakis, supported by counsel Minas Kitsilis and associates Georgia Koui and Eleni Alexiou. Senior associate George Fountas and associate Zissis Papazissis advised on certain finance law aspects of the transaction, and Brussels partner Christian Filippitsch advised on the competition law aspects of the transaction.

Assimakis, corporate partner and head of Reed Smith’s Greek energy team, commented: “We are thrilled to have supported PPC Group on this mega deal for the Greek renewable market, and assisting the group once again in getting closer to the achievement of its strategic goal to become the green energy champion in Greece and the wider region. Indeed, a fascinating journey that highlights the new identity of the group and makes evident that this is not going to be just a short trip.”

“The transaction, despite the great volume of the corporate vehicles and the assets involved and the complexity of its structure, was completed in only two months’ time, an unprecedented record and not only for the Greek market, thanks to the very high professionalism, strong commitment, and dedication of all the parties involved. A special mention to PPC Renewables management and its execution teams for their unparalleled skillfulness and business orientated approach but most importantly, a big thanks to all of them for the continuous trust in our practice.”

About Reed Smith

Reed Smith is a dynamic international law firm dedicated to helping clients move their businesses forward. With an inclusive culture and innovative mindset, it delivers smarter, more creative legal services that drive better outcomes for clients. Its deep industry knowledge, longstanding relationships and collaborative structure make the law firm the go-to partner for complex disputes, transactions, and regulatory matters.

Ministry pushes for energy-storage project progress

Posted on by admin

Deputy energy minister Alexandra Sdoukou has made clear her determination to remove obstacles that could delay investments concerning the installation of standalone batteries by companies that submitted successful bids to a first energy-storage auction.

Swift development of energy-storage projects is seen as crucial by the energy ministry so that the need for RES output cuts, performed to prevent grid overloading, may be restrained.

Earlier in the week, the deputy minister chaired a meeting involving various sector officials for an update on the progress of standalone battery projects, equipment orders, plans and timetables.

Aristotelis Aivaliotis, the energy ministry’s General Secretary of Energy and Natural Resources, officials from power grid operator IPTO and RES market operator DAPEEP, as well as the heads of renewable energy and storage projects all took part in the meeting.

Sdoukou appeared determined to speed up procedures concerning the issuance of connection terms for energy storage projects and to also establish a system for monitoring their progress. Investors were asked to send monthly reports on the progress of projects.

At the meeting, IPTO ensured that all RES projects with standalone batteries will have received connection terms by the end of February. Also, the deputy energy minister asked DAPEEP, the RES market operator, to prepare operational contract details.

A total of twelve energy-storage projects developed by seven companies secured the first auction’s entire capacity of 411 MW at an average price, for a year, of 49,748 euros per MW.

Helleniq Energy and Intra Energy (Intrakat) submitted successful bids for three projects each, PPC Renewables secured operational support for two projects, while Aenaos (Mytilineos), Energiaki Techniki, Energy Bank and the Agapi Ilios energy community submitted successful bids for one project apiece.

PPC Renewables, Intrakat reach mutually beneficial deal

Posted on by admin

PPC Renewables, a subsidiary of power utility PPC, and construction group Intrakat have just announced a deal promising to greatly boost the former’s portfolio of wind energy projects and accelerate development of the latter’s RES portfolio.

The overwhelming majority of RES units included in the agreement are wind energy projects, facilitating renewable energy production for PPC Renewables around the clock, not just during the daytime limits of PV-related generation.

PPC Renewables is taking over a 164-MW wind energy capacity, plus virtually half of a 1.6-GW portfolio maintained by Intrakat group companies. All these acquisitions concern wind energy parks at different stages of development.

The deal allies PPC with a large construction group, while also linking Intracat with a Greek energy giant that possesses expertise in energy production and management, ensuring rapid development of the construction group’s renewable energy portfolio.

The 164-MW portfolio of wind energy park projects acquired by PPC is comprised of 20 MW in projects already operating and 144 MW in projects in development.

Also, PPC is acquiring a 49 percent stake in the Intrakat group’s holding companies, representing roughly 1.6 GW in RES projects, with the right to acquire a majority stake in the future.

Energy storage auction winners list disclosed: 12 projects, 7 bidders

Posted on by admin

A list of twelve energy-storage projects that won the bidding in an auction staged by RAAEY, the Regulatory Authority for Waste, Energy and Water are being promoted by a total of seven successful participants.

Helleniq Energy and Intra Energy (Intrakat) are each behind three of these 12 projects, PPC Renewables bid successfully for two projects, while Aenaos (Mytilineos), Energiaki Techniki Anaptyxiaki, Energy Bank, and one energy community bid successfully for one energy storage project each.

RAAEY is expected to officially announce the details, including bidding levels, of the twelve winning projects, to share roughly 400 MW, immediately following a board meeting today.

The lowest bid, 34,000 euros per MWh, for a year, was submitted by Helleniq Energy and the highest, 64,000 euros per MW, for a year, was lodged by Intra Energy, it has already been disclosed.

According to energypress sources, the finalized list stands as follows: Helleniq Energy – approximately 100 MW, divided into three projects (50 MW, 25 MW, 25 MW); Intra Energy – approximately 100 MW, divided into three projects (50 MW, 25 MW, 25 MW), PPC Renewables – approximately 98 MW, divided into two projects (50 MW and 48 MW); Aenaos (Mytilineos), one project (48 MW); Energiaki Techniki Anaptyxiaki, one project (7.8 MW); Energy Bank, one project (50 MW); Energy community (8 MW).

 

Energy storage auction draws highest bid of €64,000/MW/yr

Posted on by admin

A first auction offering operating and investment support for energy storage projects has produced a highest offer of 64,000 euros per MW, for a year, and a lowest offer of 34,000 euros per MW.

Also, 90 of 93 bids submitted were considered valid by RAAEY, the Regulatory Authority for Waste, Energy and Water. The three investors who had bids rejected have until August 7 to submit appeals. The 93 bids submitted represented a total capacity of 3.3 GW.

A final list of projects securing operational and investment support, based on the lowest subsidy levels requested, will be established at RAAEY’s next plenary session on August 10.

Investment support has been set at 200,000 euros per MWh. Operating support to be offered will be shaped by the bids submitted by all participating investors.

Many of the bids were significantly lower than the maximum price permitted, 115,000 euros per MW for a year, which was essentially the starting price of the tender, sources informed.

A total energy storage capacity of 400 MW on offer was covered by 12 projects with respective capacities of up to 50 MW planned by seven companies, Helleniq Energy, PPC Renewables, Mytilineos, Intrakat, Energy Bank, Energiaki Techniki Anaptyxiaki, and one energy community.

 

Two key players considering bids for geothermal fields in northeast

Posted on by admin

Two major energy companies are believed to be considering bids for an international tender recently announced by the energy ministry for lease rights to explore geothermal potential at four areas in the Eastern Macedonia and Thrace region.

The tender’s data room is currently open for all interested parties to explore.

The tender concerns the western section of the Nestos River’s Delta Basin (Chrysoupoli – Eratino, Keramoti and Kavala Bay areas); the central and southern section of the Strymonas river basin; the Evros River Delta Basin (between Alexandroupoli and the Evros river, including the Aristino-Alexandroupoli area); and Akropotamos in the Kavala area.

Participants face an October 4 deadline to submit their bids. Investors are not required to commit themselves to all four regions.

This tender is not connected to another competitive procedure concerning geothermal potential at Mylos, Nisyros, Lesvos and Methana, whose lease rights have already been awarded to PPC Renewables.

 

Heron market share rises to 10.82% following Viohalko deal

Posted on by admin

Energy company Heron has broken the electricity retail market’s 10 percent barrier, increasing its market share to 10.82 percent in May, a development further extending its lead over other independent suppliers, a latest monthly report published by the Hellenic Energy Exchange has shown.

Heron gained over three percent in May after ending April with a market share of 7.76 percent.

This gain by Heron was primarily the result of a supply agreement reached with metal processing company Viohalko, one of Greece’s biggest electricity consumers, following its departure from power utility PPC, the country’s dominant electricity supplier, whose market share subsequently fell to 55.68 percent in May from 59.49 percent in April.

Heron was followed by Protergia with a 7.63 percent market share in May, Elpedison (6.28%), Watt and Volt (5.15%), NRG (4.99%), Fysiko Aerio (3.13%), Zenith (2.32%), Volterra (2.12%) and Volton (0.81%).

The development of green-energy PPAs, offered over 10, 12 and 15 durations, has added a new dimension to the electricity market. Competition is intensifying as suppliers seek agreements with medium and high-voltage consumers.

Heron has just announced such an agreement with Meton Energy, a joint venture established by RWE Renewables and PPC Renewables.

 

 

Motor Oil buys 51% of Unagi, indirect RES partnership formed with PPC

Posted on by admin

Two of the country’s leading energy groups, power utility PPC and Motor Oil, have entered an indirect partnership in the RES sector following an announcement, by the latter, of a 75 acquisition of Unagi.

According to MORE, a Motor Oil subsidiary, Unagi holds a 51 percent stake in a portfolio of 1.9 GW in solar energy projects, in Greece, currently at various stages of development. The other 49 percent of the Unagi portfolio was acquired by PPC Renewables approximately a year ago.

Unagi’s 1.9-GW in solar energy projects, located in northern and central Greece, have involved three companies, Baliaga, Pivot Solar and Teichio. Control of these projects will now be assumed by PPC and Motor Oil.

Development of the first project in this 1.9-GW portfolio is expected to commence early in 2024, PPC and Motor Oil officials have informed.

PPC plans to sign PPAs to purchase electricity produced by the Unagi solar energy facilities.

Some of the 1.9-GW portfolio’s solar energy projects located in northern Greece’s west Macedonia region are expected to soon receive connection terms from power grid operator IPTO.

Most of the Unagi portfolio’s other projects are at advanced stages of maturity, have received environmental permits, and should secure connection terms by the end of this year.

 

Italy’s Sofidel, RWE-PPC Renewables sign 10-year PPA for Greek paper mill

Posted on by admin

Sofidel, the Italian multinational producer of tissue paper for sanitary and domestic use, has signed a ten-year power purchase agreement (PPA) with Meton Energy S.A., a joint venture of RWE Renewables and PPC Renewables, for annual electricity supply of 21 GWh at the producer’s paper mill in Katerini, northern Greece.

The renewable energy to be supplied to Sofidel’s production facility in Katerini will be produced by one of five solar energy farms being developed by RWE and PPC Renewables at Amyntaio, also in the north.

RWE and PPC Renewables’ five solar farms in Amyntaio, scheduled to be fully operational by the end of the first quarter in 2024, will offer a combined capacity of 210 MW.

Sofidel, one of the world’s leaders in the tissue paper market, estimates its PPA with the Meton Energy S.A. joint venture will cut its CO2 emissions by 12,500 tons per year.

“The signing of the PPA is another important step in our journey towards our goal of increasing the use of energy derived from renewable sources,” noted Riccardo Balducci, Sofidel Group’s Sustainability Director. “The agreement represents part of our policy for multiple energy supply options to promote a low-carbon economy and contribute to bringing additional renewable energy capacity to the market,” he added.

Olaf Lubenow, Head of Trading Solutions at RWE Supply & Trading for the UK, Northern and Southern Europe, commented: “This agreement is the result of the full commitment of all parties. It builds on a first bilateral power purchase agreement RWE signed with Sofidel last year for one of our onshore wind farms in Italy. We are pleased to establish long-term partnerships with pioneers like Sofidel, demonstrating how climate protection is possible under market conditions.”

 

West Macedonia region maintaining role as energy hub in Greece

Posted on by admin

The country’s west Macedonia region in the north, traditionally a lignite-based energy hub in Greece, will maintain this role for years to come, while, at the same time, perform a challenging balancing act as it transitions towards the post-lignite era through the development of eco-friendly projects.

Power utility PPC is, on the one hand, ensuring the grounds at its lignite-fired power stations in the west Macedonia region are fully stocked with lignite to cover high-demand situations, should they arise, until 2025, while, on the other hand, projects such as a green-energy data center, and a hydrogen innovation hub are being developed nearby.

PPC is also set to launch its new Ptolemaida V power station, a 616-MW facility that will initially operate as a lignite-fired facility before converting to natural gas.

Post-lignite era projects planned for completion in this region by 2030 are valued at 4 billion euros. They include natural gas-related projects for the transition towards a green economy and solar farms.

A flagship project of this effort, a 550-MW capacity PPC Renewables solar farm, one of Europe’s biggest, is being developed by TERNA at the former Ptolemaida lignite mine. PPC Renewables is also developing a 251-MW solar farm in Ptolemaida, a 299-MW solar farm at Amynteo, and an 88-MW solar farm in Florina.

Other projects leading the west Macedonia region to a new era include a nearly-completed 147 million-euro gas pipeline being developed by gas grid operator DESFA. This project, to expand the gas network’s reach to Edessa, Skydra, Naousa, Veria, Florina, Amynteo, Ptolemaida, Kozani and, at a latter stage, Kastoria, is scheduled to operate by August, 2023, according to DESFA.

In addition, telethermal projects worth 170 million euros are planned for development in west Macedonia to maintain heating costs at reasonable levels for households and shops.

DEPA Commercial staging solar farm tenders for its RES entry

Posted on by admin

Gas company DEPA Commercial, preparing to also venture into the renewable energy sector with solar farms offering a total capacity of 550 MW, plans to announce tenders for the development and installation of these facilities within the next three months, energypress sources have informed.

DEPA Commercial will look to attract construction companies with experience and knowhow in the RES sector. At this stage, DEPA Commercial officials are considering the number of tenders to be staged.

The total budget for these solar farm projects is expected to reach an estimated 400 million euros. Incentives for swifter project completion will be incorporated into the tenders.

The bulk, or 450 MW, of DEPA Commercial’s 550-MW in solar farms is planned to be developed in the Kozani area, northern Greece. One of these units, expected to offer 400 MW, will be among Greece’s biggest. DEPA Commercial’s remaining 100 MW is planned to be developed in the Viotia region, northwest of Athens.

Helleniq Energy, formerly named ELPE, and PPC Renewables are also developing major-scale solar farms.

DEPA Commercial, whose entry into renewables comes as part of the company’s plan to vertically integrate, intends to follow-up its initial lot of 550-MW in solar farms with an additional 150 MW in RES projects, still awaiting connection terms.

GEK-TERNA winning bidder for PPC 550-MW solar farm

Posted on by admin

GEK-TERNA has emerged as the winning bidder in a tender staged by PPC Renewables for the development of a 550-MW solar farm, one of Europe’s biggest, and its interconnection projects in Ptolemaida, northern Greece, at a location where power utility PPC, PPC Renewables’ parent company, has operated a company-owned lignite mine, sources have informed.

GEK-TERNA outbid five participants, METKA, RES INVEST, CMEC, AVAX and AKTOR, for this solar farm contract, a pivotal project for the decarbonization effort in northern Greece’s west Macedonia region, as well as PPC’s dynamic turn towards renewable energy.

Procurement of the project’s panels and all other equipment will be handled by PPC Renewables.

The project’s completion will represent a milestone for PPC’s business plan, foreseeing a rapid increase in installed RES capacity over the next few years.

PPC Renewables, nowadays organizing tenders for such projects at an extremely fast pace, is aiming for an imminent start in the Ptolemaida solar park’s development, so that this investment, worth roughly 280 million euros, can be completed by 2024.

The Ptolemaida solar farm will rank as one of Europe’s biggest. At present, a 626-MW solar power project being developed in central Spain by Solaria Energia is Europe’s biggest.

The Ptolemaida solar farm will more-than-double the capacity of Greece’s biggest such unit at present, a 204-MW solar power plant developed by ELPE in Kozani, northern Greece.

 

PPC eyeing Balkan RES buys, 500-600 MW, as next big move

Posted on by admin

Power utility PPC, eyeing a big renewable energy move in the Balkans, is considering five different RES portfolio acquisitions in Romania and the Balkans, believed to represent a total capacity of 500 to 600 MW.

If carried out, these prospective deals, worth millions, would represent one of PPC’s biggest investments in recent years.

The Balkan acquisitions being examined by PPC concern solar, wind and other RES technologies in Romania as well as mature portfolios held by European corporations such as Enel and Siemens Gamesa, plus a variety of prospects in Bulgaria.

PPC’s examination of these investment prospects is believed to have reached an advanced stage.

The power utility has also made clear its intentions for the acquisition of a major vertically integrated group in the Balkan region, without revealing any further information.

Such moves would help PPC subsidiary PPC Renewables achieve its RES portfolio target for 2023, set at 1.5 GW.

PPC’s role in the energy crisis, offering crucial support to households and businesses under pressure, has held back a number of company plans, including takeovers abroad.

PPC Renewables tender for big 550-MW solar farm imminent

Posted on by admin

PPC Renewables plans to announce a tender by next week, at the very latest, for the development of one of Europe’s biggest solar energy farms, a 550-MW facility in northern Greece’s Ptolemaida area, where sections of lignite mines owned by parent company PPC, the power utility, will be used for the renewable energy project.

The tender will concern the project’s construction. PPC Renewables will install the solar panels itself.

The Ptolemaida solar farm will not participate in RES auctions for tariffs as PPC Renewables intends to establish Power Purchase Agreements (PPAs) with buyers for direct purchases of the solar energy farm’s output.

PPC Renewables aims to have a construction company working on the project’s development by the end of this year for completion of the investment by 2024. The project’s budget is worth approximately 280 million euros.

Europe’s biggest solar energy farm at present, still under construction, is a 626-MW project in central Spain. It is being developed by Solaria Energia. Also in Spain, Iberdrola is developing a 590-MW solar energy farm.

Greece’s biggest solar farm, already operating, is a 204-MW facility owned by Hellenic Petroleum (ELPE) in Kozani, northern Greece.

 

PPC Renewables requests geothermal units on islands

Posted on by admin

PPC Renewables, through a consultation procedure, has requested RAE, the Regulatory Authority for Energy, to include planned geothermal units in its RES development plan for the non-interconnected islands Lesvos, Milos, Kimolos and Nisyros.

PPC Renewables called for the installation of geothermal stations with a capacity of 8 MW on Lesvos, which would fully cover capacity planned through biomass-biogas stations, difficult to develop on islands, as well part of the capacity that had been planned through hybrid stations.

In addition, PPC Renewables has requested a geothermal unit of at least 5 MW for Milos and Kimolos, as well as a geothermal unit with a 5-MW on Nisyros.

According to the National Energy and Climate Plan, geothermal units offering a total capacity of approximately 100 MW are envisioned for installation and operation by 2030. The aforementioned islands, offering geothermal potential, are expected to partially cover this geothermal capacity.

PPC Renewables plans to begin developing geothermal stations on Lesvos and Milos within the next two years.

PPC Renewables agrees to buy Volterra 112-MW RES projects

Posted on by admin

PPC Renewables, a subsidiary of power utility PPC, appears to have finalized details for a partial acquisition of energy firm Volterra’s renewable energy portfolio, namely 112 MW in wind and solar energy projects, both already operating and under construction. An official announcement on the agreement is expected to be announced today.

The anticipated acquisition by PPC Renewables, which does not include any of Volterra’s retail electricity market interests, currently pressured, promises to bolster the market presence of the buyer.

PPC Renewables is pursuing a plan aiming for 7.2 GW in installed RES capacity by 2024 and 9.1 GW by 2026, an investment initiative worth 8.4 billion euros.

In addition to its agreement with Volterra, a member of the AVAX construction group, one of Greece’s largest, PPC is also examining other RES sector opportunities in Greece and other Balkans markets, the focus on Bulgaria and Romania.

Volterra, holding a retail electricity market share of nearly 2.1 percent, has faced relentless cash-flow pressure, a key factor behind the parent company’s decision for electricity market disinvestment.

PPC Renewables, RWE set to finalize PV partnership today

Posted on by admin

PPC Renewables, a power utility PPC subsidiary, and Germany’s RWE Renewables are expected to seal their joint venture agreement today, paving the way for the development of solar energy projects to offer a total capacity of nearly 2 GW, energypress sources have informed.

PPC Renewables will contribute 940 MW in PV projects, planned to be developed at the location of the Amynteo lignite mines in northern Greece. The company has already secured a first batch of environmental permits for these projects.

RWE will offer producer certificate licenses bought from Greek company IDEA. These licenses are for two solar farms with respective capacities of approximately 700 and 300 MW.

The joint venture plans to start with the Amynteo projects, their development expected to begin in the first half of 2022. PPC Renewables has already formed nine special purpose vehicles for these projects.

RWE Renewables, holding a 51 percent stake in the joint venture, has established a subsidiary in Greece, RWE Greece, currently being staffed.

PPC’s board had approved the agreement between the two partners in February.

PPC Renewables, RWE set to finalize joint venture agreement

Posted on by admin

PPC Renewables, a power utility PPC subsidiary, and Germany’s RWE Renewables are expected to finalize a joint-venture agreement at the beginning of October for solar energy projects in Greece to offer a total capacity of nearly 2 GW.

PPC Renewables plans to contribute to the joint venture 940 MW in solar energy projects at Amynteo, the northern Greece location hosting 4,360 hectares in company lignite fields to be repurposed as part of the decarbonization effort. The Greek company has already received a first round of environmental permits.

RWE Renewables is at the final stage of its search for solar energy projects to total 1 GW.

The two partners will begin their collaboration with the Amynteo project. They plan to begin its development in the first half of 2022. PPC Renewables has established nine special purpose vehicles for these projects.

RWE Renewables, holding a 51 percent stake in the joint venture, has already established a Greek subsidiary, RWE Greece, currently being staffed.

Talks between PPC Renewables and RWE Renewables have intensified since early summer. The respective company heads, Konstantinos Mavros and Katja Wünschel, discussed the prospective partnership at the recent 5th Greek-German Economic Forum, while RWE officials have also visited Athens for negotiations.

Mytilineos begins work on PPC Renewables 200-MW solar farm

Posted on by admin

The Mytilineos group’s Renewables & Storage Development Business Unit (RSD) has begun work on the development of a 200-MW solar farm in Kozani, northern Greece for PPC Renewables, a power utility PPC subsidiary.

The project will be added to two smaller solar PPC Renewables farms, each offering a capacity of 15 MW, which have already been completed by their respective developers, Mytilineos and GEK TERNA, for an overall capacity of 230 MW, Greece’s biggest solar energy facility under construction at present.

Mytilineos was declared preferred bidder last December in a tender staged by PPC Renewables. Parliamentary approval of the agreement in April paved the way for the contract’s finalization and commencement of work.

Mytilineos has been tasked with the design, installation and delivery of the solar farm, as well as its connection with two 150kV-cpaacity substations.

The project’s development cost was reduced to 83.7 million euros through the tender, down roughly 30 percent from an initial budget of 110 million euros, taking the facility’s energy production cost to 42,000 euros per MW, one of the most competitive rates in Europe.

The solar farm, to occupy approximately 500 hectares, will be comprised of bifacial panels with single-axis trackers. The RES facility will have an annual production capacity of 352 GWh, capable of covering the needs of approximately 75,000 households.

PPC Renewables, at a RES auction, has secured a tariff of 49.11 euros per MWh for the project’s output.

The project’s delivery has been given a 42-month period. PPC Renewables is striving to increase its installed RES capacity to 500 MW by the end of 2022.

 

PPC Renewables, RWE joint venture to be launched October

Posted on by admin

A joint venture agreed to by PPC Renewables and RWE Renewables, respective subsidiaries of Greek power utility PPC and German power company RWE, will be launched in October with the objective of developing solar farms with an overall capacity of up to 2 GW in Greece over the next three to five years. The investment plan is worth over one billion euros.

As previously reported, the two energy groups will each contribute 1 GW in solar parks to the joint venture, with RWE Renewables holding a 51 percent share of the company.

The partners intend to begin developing RES facilities by the first half of next year. PPC Renewables has made progress with licensing procedures for the majority of its projects planned for the western Macedonia region in northern Greece. These prospective units will be included in the joint venture’s portfolio.

The joint venture’s projects are expected to create some 1,000 jobs during development.

 

Listed players plan 16 GW in RES projects worth €16bn

Posted on by admin

Greece’s listed energy groups, alone, plan to invest a total amount of 16 billion euros over the next decade for the development of green energy projects representing over 16 GW, big figures highlighting the anticipated dominance of the green energy market in the years to come as the country transitions to cleaner energy sources and decarbonizes.

Investments are already anticipated in mature RES technologies, namely wind and solar energy facilities, while, once market and regulatory conditions allow, major investments will be made in energy storage as well as offshore wind farms.

Terna Energy, market leader in Greece’s RES market, plans to reach an installed capacity of 3,000 MW in the next five years. The company, the biggest wind energy player in Greece and southeast Europe, is currently developing wind energy projects representing 400 MW while a further 63 projects are nearing maturity.

Power utility PPC is making impressive RES market progress through its subsidiary PPC Renewables. PPC, according to the company’s updated business plan, will make investments totaling 3.4 billion euros until 2023, 34 percent of this amount concerning RES investments.

Green energy is also a key aspect in the Mytilineos group’s investment plans over the next few years. Its solar energy projects portfolio, representing 1,480 MW, is one of the biggest in Greece. The company possesses 300 MW in RES projects either operating, under construction or set for construction, as well as a further 100 MW headed for final investment decisions by the end of 2021. Mytilineos also plans to develop 20 energy storage projects, each with a 50-MW capacity.

Hellenic Petoleum (ELPE), both acquiring and developing RES projects, is aiming for a 2-GW RES portfolio by 2030.

Motor Oil Hellas recently acquired 11 operating wind farms with a total 220-MW capacity as well as a 20-MW facility still under construction from private equity fund Fortress. MOH is aiming for an operating RES capacity of 364 MW by the end of 2022 as well as a medium-term RES goal of between 500 to 600 MW.

Ellaktor is planning investments worth 1 billion euros for the development of 900 MW through its partnership with Portugal’s EDPR.

Contractor Intrakat also aims to push ahead with a one billion-euro RES investment plan. The company has joined forces with Gaia Anemos, possessing wind and PV production licenses representing approximately 1 GW, plus RES expertise.

RF Energy has reached an investment decision to develop an offshore wind farm with a capacity of 498.15 MW northeast of the island Limnos. The project is budgeted at two billion euros, according to the company.

 

 

 

PPC Renewables expecting KAS nod for Ptolemaida solar farm projects

Posted on by admin

PPC Renewables is anticipating approval, today, by Greece’s Central Archaeological Council (KAS) for a large-scale cluster of solar farm projects totaling nearly 1 GW in the Ptolemaida plains of northern Greece, until now mined for their lignite deposits by parent company PPC, the power utility.

KAS has received an application from PPC Renewables for the solar energy projects Pteleonas 1, Pteleonas 2, Kardia 1, Exohi 8 and PPC Ptolemaida Mine A, B, C, D and E.

These projects, promising a total capacity of 960 MW, will be developed over a total land mass measuring 1,830 hectares.

PPC crews and sub-contractors have mined this land for decades, extracting lignite under the surveillance of KAS officials, watchful in the event of any archaeological discoveries.

Given PPC’s preceding mining activities in the region, PPC Renewables’ application for solar farm projects should not encounter any problems with KAS authorities.

Overall, PPC has submitted applications for solar farms in the area totaling 2.5 GW, which, if combined with applications lodged for solar farms in Megalopoli, Peloponnese, total 3 GW.

Energy investment activity rising, focus on RES projects, energy transition

Posted on by admin

Investment activity in the domestic energy sector is rising with major deals being negotiated, the main focus being on renewables and the energy transition, participants at yesterday’s Delphi Economic Forum made clear.

This activity promises significant growth for all RES technologies, even the more innovative, such as offshore wind farms and energy storage units.

Major energy players are moving to capitalize on opportunities that are emerging as the country pushes ahead with its decarbonization effort. Also, investor talks concerning domestic and international partnerships, the latter promising to secure expertise in sectors such as offshore wind farms, are in progress.

Power utility PPC, moving ahead with RES investments, aims to have launched projects with a total capacity of 1.5 GW by 2023. The utility’s redevelopment plan for the country’s two lignite-dependent regions, Ptolemaida, in the north, and Megalopoli, in the Peloponnese, is in progress.

PPC plans to invest 3.4 billion euros on RES project development in these regions, and an upgrade of their distribution networks, Konstantinos Mavros, chief executive of PPC Renewables, a PPC subsidiary, told the forum.

PPC is also expected to establish partnerships facilitating its entry into the offshore wind market. In addition, the company also aims to have formed a joint venture with German power company RWE by the end of summer for development of RES projects totaling 2 GW.

Elsewhere, energy company Mytilineos is also preparing a strategic alliance with a major international group for its entry into the offshore wind farm sector.

Mytilineos is also close to completing, this year, a major post-lignite investment in natural gas-fueled electricity generation. In addition, the company plans to develop 300 MW in wind farms and 1.5 GW in solar farms over the next two years.

Furthermore, Mytilineos plans to develop 20 energy storage projects, each with 50 MW capacity, by utilizing its immense knowhow gained in this field through involvement in such projects abroad.

Hellenic Petroleum (ELPE) is preparing RES and digital transition projects and will concurrently focus efforts to reduce carbon emissions and develop more eco-friendly products, including biofuels and hydrogen.

The Copelouzos group is nearing an investment decision on the development of a natural gas-fueled power station in Alexandroupoli, northeastern Greece. A decision is expected this summer. The group is currently engaged in talks with neighboring North Macedonia’s power utility for its possible entry into this project as a minority partner.

As for networks, power grid operator IPTO has planned numerous projects as part of a ten-year investment plan worth five billion euros. The operator anticipates new RES project penetration of 17 GW, a forecast exceeding the National Energy and Climate Plan’s goals.

DEDDIE/HEDNO, the distribution network operator, has put together a 3 billion-euro investment plan for the two next regulatory periods, each four years long. Projects include network undergrounding, service upgrades and improvement, new technologies, as well as grid digitalization projects.

PPC Renewables consortium for offshore wind farm projects

Posted on by admin

PPC Renewables, a subsidiary of power utility PPC, plans to establish a consortium for offshore wind farm investments and is preparing, for this year, a tender for RES projects totaling 100 MW, the subsidiary’s chief executive Konstantinos Mavros (photo) has informed two energy conferences, the 11th Annual Sustainability Forum, organized by Capital Link, and the Athens bourse’s 1st Energy Conference, both held yesterday.

The company head’s update comes as further proof of the power utility PPC group’s intensifying effort for a leading role in the green energy sector.

Offshore wind farm projects demand major investment synergies and “we will seek to establish a consortium” for this purpose, the PPC Renewables chief told the first of the two conferences.

Speaking later at the Athens bourse conference, Mavros also informed that PPC Renewables plans to stage a tender for a total of 100 MW in new RES projects. One of these projects will be a large-scale solar farm, he noted without elaborating. According to energypress sources, PPC Renewables will also develop a big wind farm.

The PPC group is also moving ahead with a plan to establish Greece’s first ever power purchase agreement (PPA), as a RES producer, with industrial consumers. PPC and PPC Renewables plan to establish a PPA in July for 50 MW through a solar farm in Megalopoli, Peloponnese.

Work on PPC Renewables 200-MW solar park starting April

Posted on by admin

Development of a major-scale 200-MW solar farm planned by PPC Renewables in Ptolemaida, northern Greece, a project budgeted at 110 million euros, is expected to begin in approximately one month.

A series of pre-construction procedures are expected to be completed within the next four weeks, enabling the Mytilineos Group’s METKA EGN, the project’s contractor, to begin work on this project. It represents the biggest part of a 230-MW solar energy project cluster planned by PPC Renewables.

A first 15-MW cluster has already been completed, while a second section representing an equivalent capacity is now being developed and should be ready by autumn.

Work on another big solar farm project planned by PPC for Megalopoli in the Peloponnese, to offer a capacity of 50 MW, is expected to begin in June.

On another front, PPC Renewables is currently working on establishing a major joint venture with Germany’s RWE by July or August.

PPC Renewables and RWE are currently working through a series of matters, including a number of legal issues. RWE will hold a 51 percent stake in this venture.

The two partners plan to equally contribute solar energy projects for a total capacity of 2 GW and a total value of approximately one billion euros, once developed, to this joint venture.

Talks on which projects each partner will choose to contribute to this joint venture remain at an early stage.

PPC Renewables is expected to contribute PV licenses concerning the west Macedonia and Megalopoli areas, while RWE is seen contributing project licenses or anticipated Greek project acquisitions being eyed by the German company for quite some time.

 

PPC board approves joint venture agreement with RWE

Posted on by admin

The board at power utility PPC has unanimously approved an agreement between fully owned subsidiary PPC Renewables and Germany’s RWE Renewables for solar energy project investments and a portfolio of up to 2 GW through a joint venture to be established in June, PPC has announced.

RWE Renewables will hold a 51 percent stake in the joint venture with 49 percent going to PPC Renewables, PPC specified.

Development of the collaboration’s first projects, stemming from the PPC Renewables portfolio, is expected to begin early in 2022.

PPC will initially limit its involvement to contributing licenses, not capital, to the joint venture, while RWE Renewables will provide investment amounts required for the development of these early projects.

The joint venture’s establishment of a 2-GW solar energy portfolio will require investments estimated at one billion euros, while approximately 1,000 jobs will be created.

PPC, RWE agreement near, aiming for RES joint venture by summer

Posted on by admin

PPC Renewables, a power utility PPC subsidiary, and RWE, Germany’s biggest power producer, are striving to launch a joint venture by next summer for RES investments in Greece.

The two companies, which signed a Memorandum of Understanding last March in Berlin for exchange of technical knowhow and RES development in Greece, are looking to equally contribute for the establishment of a joint RES portfolio totaling 2 GW.

State-controlled PPC is expected to offer its approval of the agreement between the two companies within the next few days, development and investment minister Adonis Georgiadis told an online New Year event staged yesterday by the Hellenic-German Chamber of Commerce and Industry.

However, the details of the PPC Renewables-RWE joint venture deal are not expected to be finalized until early February, according to sources.

The two sides have already agreed on the fundamentals of their partnership agreement, RWE’s local representative Giorgos Paterakis confirmed at the aforementioned event, adding that the two companies will soon have further, and more specific, details to announce.

Georgiadis, the development and investment minister, described the forthcoming partnership as one of the country’s two biggest green-energy developments, also naming a pilot electromobility investment planned by another German company, VW, on the Greek island Astypalea.

The two companies are also looking to collaborate on decarbonization.

METKA winning bidder for PPC Renewables 200-MW solar farm

Posted on by admin

PPC Renewables has named METKA as the winning bidder of a tender for the development of a 200-MW solar farm in the country’s north, in the west Macedonia region.

PPC Renewables’ most ambitious project to date, it constitutes the third and largest section of a 230-MW solar energy complex.

Swift development of this third section is expected as PPC Renewables has already secured the project’s financing needs from a group of Greek banks.

Construction of the project, to be equipped with bifacial panels and trackers, is expected to commence in March.

As for the 230-MW solar energy project’s two smaller sections, both 15 MW, one is nearing completion while construction work at the other is in progress.

PPC Renewables, a subsidiary of power utility PPC, is also moving ahead with a tender for a 50-MW solar energy project in Megalopoli, Peloponnese. Bids submitted by five major groups, Greek and foreign, seeking this project’s development contract have been opened.

The Megalopoli solar farm is planned to be Greece’s first RES project that will not participate in RES auctions for tariffs. Instead, PPC Renewables intends to establish two-way contracts through the target model framework.

Over the next 24 months, PPC Renewables plans to begin developing projects with a total capacity of 500 MW, which would put the company on track towards achieving an installed-capacity target of 1.5 GW by 2024.

Parent company PPC’s updated business plan includes investments totaling 3.4 billion euros by 2023, 34 percent of these in the renewable energy sector. PPC is aiming for a fivefold increase in RES output, from 0.3 to 1.6 TWh.

PPC Renewables, possessing the country’s biggest RES portfolio following its latest moves and plans, may utilize some of its RES licenses for joint ventures with Germany’s RWE. Recent meetings between the two sides have increased the likelihood of a partnership.

PPC Renewables portfolio boosted by 1.9 GW in producer certificates

Posted on by admin

RAE, the Regulatory Authority for Energy, has granted PPC Renewables producer certificates for a total capacity of 1.9 GW, a pivotal step in the power utility PPC subsidiary’s effort to realize its ambitious investment plan. It features the installation of major-scale solar energy parks in north Greece’s west Macedonia region, facing a post-lignite transition.

A proportion of these new producer certificates, which elevate PPC Renewables into a major PV market player, could be utilized for state-controlled PPC’s planned collaboration with Germany’s RWE. A prospective partnership between the two sides appears near, recent meetings between the two sides have indicated.

The establishment of this partnership is close to being finalized, energy minister Costis Hatzidakis told Parliament yesterday, confirming an energypress report.

PPC and RWE signed a memorandum of understanding last March. A team of RWE officials then visited lignite fields in the west Macedonia region. Ensuing talks have since intensified. A finalized agreement by the end of the year has not been ruled out.

PPC Renewables is already developing two key PV projects, a 230-MW solar energy facility in Ptolemaida, northern Greece, and a 50-MW solar park in Megalopoli, Peloponnese.

Development of about 15 MW of the Ptolemaida project and a high-voltage sub-station are expected to be ready around January. Construction of a further 15 MW is already in progress, while work on the project’s additional 200 MW is scheduled to begin in the first half of 2021.

As for the Megalopoli project, PPC Renewables is currently staging a tender offering a construction contract. Five major foreign and Greek groups have submitted bids.

PPC Renewables, Germany’s RWE aim for business deal by end of year

Posted on by admin

PPC Renewables, a power utility PPC subsidiary, and RWE, Germany’s biggest power producer, have set an objective to develop a Memorandum of Understanding signed by the two sides last March into a realistic business agreement by the end of this year.

A team of RWE officials, completing a three-day working visit to Greece today, visited northern Greece’s west Macedonia region, a lignite-dependent area, for on-site inspections of areas offering investment interest to the German company.

Besides new projects, RWE is also keen to take on projects already being developed by other companies.

Details seen fostering the development of the MoU into a business plan, including project financing prospects and the establishment of working groups, were addressed by the two sides.

The visiting German team also held a meeting, yesterday, with the leadership of the development and investment ministry and the energy ministry’s secretary-general Alexandra Sdoukou.

The length of time required in Greece for RES licenses was discussed, as were financial incentives promised through the fair transition fund, an EU plan to support green economy transitions.