Major Greek energy companies represented for PM’s China trip

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.

Kozani PV project to reenter fast track, minus fixed price

A prospective 200-MW photovoltaic park planned development for Kozani, northern Greece, by PPC Renewables, a wholly-owned subsidiary of the main power utility PPC, appears set to be reinducted into the fast-track investments category, but its reinclusion will not come with all the benefits offered in the past.

Though this investment can, as a result, be expected to proceed at a more rapid pace than other projects, it will not be able to secure a fixed price for renewable energy output, as was the case with PV investments qualifying for fast-track procedures in the past.

The Kozani investment will need to secure its tariff levels at RES auctions as any projects previously removed from the fast-track category, as was the case with this PV park, can no longer be offered fixed tariffs and avoid RES auctions, energypress sources have explained.

The Kozani project, envisioned as the world’s biggest photovoltaic park by former Prime Minister George Papandreou during his tenure just under a decade ago, was removed from the fast-track category several years ago as a previous PPC administration believed the investment plan stood no chance of being actualized. Consequently, this fast-track removal will now deprive the prospective investment of the right to a fixed price for output. The loss of this right cannot be regained, sector experts explained.

The setback is not expected to prevent investors from wanting to join PPC Renewables to co-develop the major-scale PV project, licensed many years ago. Its budget has been estimated at 180 million euros.

According to the same energypress sources, PPC Renewables will seek an investment partner willing to take on the greater part of this cost. A Chinese partner has not been ruled out.

PPC Renewables has already signed a series of MoUs with China’s Sumec Group, a member of the China National Machinery Industry Corporation (Sinomach), for the development of RES projects in Greece and the wider region. This does not necessarily mean that PPC Renewables will also join forces with Sumec for the Kozani PV investment.

Sources said the search by PPC Renewables for an investment partner will commence as soon as the Kozani project regains its fast-track status, minus the fixed price rights.




PPC Renewables, Chinese partner Sumec eyeing Cyprus

Two months after signing a Memorandum of Understanding, PPC Renewables, a wholly owned subsidiary of main power utility PPC, and China’s Sumec Group, a member of the China National Machinery Industry Corporation (Sinomach), are preparing to enter the Cypriot market.

The two partners intend to establish a joint venture for development of RES projects, especially wind and solar facilities, as well as energy efficiency initiatives through emphasis on net metering, a domain expected to experience considerable growth in Cyprus over the next few years.

Ilias Monaholias, the head official at PPC Renewables, who recently made note of the MoU signed with Sumac, stressed that emphasis will be placed on identifying the best possible RES sector investments and bolstering the investment activity of PPC Renewables, domestically and abroad.

Christopher Tan, director of Sumec Clean Energy International, informed the company is examining prospective projects in the Balkans and wider southeast Europe region.

China National Machinery Industry Corporation (Sinomach), Sumec’s parent company, also controls CMEC, which has signed an MoU with PPC for development of lignite projects.

PPC Renewables, China’s Sumec Group sign MoU

PPC Renewables, a wholly owned subsidiary of main power utility PPC, and the Sumec Group, a member of the China National Machinery Industry Corporation (Sinomach), whose membership also includes CMEC, signed a Memorandum of Understanding today at the PPC headquarters in Athens.

The MoU concerns the development of renewable energy projects in Greece and the wider region, as well as the provision of energy services, especially in energy efficiency, a domain in which Sumec possesses extensive experience, PPC announced in a statement.

Manolis Panagiotakis, PPC’s chief executive, Ilias Monaholias, the head official at PPC Renewables, and Cai Jibo (photo), the Sumec Group’s president, all took part in the signing ceremony and meeting.

Also in attendance was Liu Huifeng, a representative of Sinosure (China Export & Credit Insurance Co), an investment insurance company.

Sumec officials at the signing ceremony noted that the Chinese company intends to establish Greece as its operating base for the wider region.

Panagiotakis, the PPC boss, highlighted the significance of the collaboration between PPC Renewables and Sumec. He stressed that PPC, the parent company of PPC Renewables, will fully support the initiative, while also hinting at a possible partnership between PPC and Sumec.