October 7 (Renewables Now) – German energy major RWE AG (ETR: RWE) and PPC Renewables, the green energy arm of Greek utility PPC SA (ATH: PPC), have signed an agreement to create a joint- venture (JV) to develop up to 2 GW of solar projects in Greece.
RWE Renewables will be the majority shareholder with a 51% stake, while PPC Renewables will own the remaining 49%, RWE said Thursday. The partners have agreed not to disclose financial details of the deal.
The Greek company will participate in the JV with nine solar development projects of up to 870 MW / 940 MW DC in total. The proposed capacity will be installed on the site of a former open-cast lignite mine in the northern region of West Macedonia. RWE, meanwhile, will bring a pipeline of photovoltaic (PV) projects of a similar size.
According to the press release, the projects planned for completion are currently at different stages of development, some of them due to become operational from 2023.
The joint venture agreement will mark RWE’s entry into the Greek renewable energy market. “With its high levels of solar radiation and its clear commitment to renewable energy, Greece is a promising growth market for us,” said Katja Wünschel, COO Wind Onshore and PV Europe and Asia-Pacific at RWE Renewables.
Pricewaterhouse Coopers Business Solutions SA acted as advisor to PPC in the transaction, which is expected to help the Greek utility to further decarbonize its power generation portfolio.