Power utility PPC intends to offer residents of lignite-dependent areas in Greece stakes totaling 5 percent in solar farm projects planned by the company as part of its decarbonization strategy, chief executive Giorgos Stassis disclosed in an interview published by Greek daily Kathimerini yesterday.
PPC plans to develop and operate solar farms with a total capacity of 2.5 GW in west Macedonia, northern Greece, and Megalopoli, in the Peloponnese, both lignite-dependent economies.
Besides creating jobs through these investments, PPC plans to offer locals the opportunity to invest in the power utility by acquiring shares for total stakes of 5 percent, Stassis noted.
Through this procedure, residents will join PPC in its investments and enjoy the exact same returns as the company, he said.
“I want to underline the annual investment return on these investments will range between 8 and 10 percent, at a time when deposit interest rates are almost negative,” Stassis said. The offer will be restricted to decarbonization-area residents, he added.
Commenting on local resistance against prospective RES installations, especially on islands, Stassis noted: “Islanders who, for years, have enjoyed low-cost electricity generated in Megalopoli and Ptolemaida at a cost for the environment and human lives, cannot object turbine installations on islands for production of electricity they will consume now that lignite-fired generation has become ultra-expensive and is being abandoned.”