Energy companies RWE and PPC, from Germany and Greece respectively, have joined forces to accelerate the deployment of renewable energy projects in Greece.
The initial focus of the partnership will be to develop 2GW of solar photovoltaic projects in the country.
RWE Renewables (51%) and PPC Renewables (49%) will form a joint venture company through which they can realise renewable energy projects.
This marks RWE’s entry into the Greek market and will aid PPC’s efforts to decarbonise its energy portfolio.
Katja Wünschel, COO Onshore and PV Europe and Asia-Pacific of RWE Renewables: “European collaborations, like our partnership with PPC, are essential to making the energy transition happen.
“Greece is a promising growth market for us, with its high solar energy levels and a clear commitment to renewables…Growing new renewable energies is the clear focus for RWE.”
PPC Renewables will contribute nine solar projects up to a combined total of 940MW, and which are located in northern Greece’s west Macedonia region.
RWE Renewables has secured a Greek photovoltaic project pipeline of similar size to include in the Joint Venture. The photovoltaic projects are in various stages of development, with advanced projects expected to start operating in 2023.
Konstantinos Mavros, CEO of PPC Renewables: “Together with strong partners we are on track to meet our ambitious targets and drawing our own green deal. Today marks a significant milestone in our journey, we welcome RWE to Greece and look forward to co-developing projects of unprecedented scale in the country.”
RWE Renewables will bring expertise in engineering, financing, construction and operations of renewable energy projects to the partnership.
PPC Renewables will bring knowledge of the Greek energy market, strong relationships with key stakeholders and local management.