DEPA Commercial cleared to buy 49% of Greek PV installer North Solar

DEPA Commercial SA, part of Greek utility Public Natural Gas Company (DEPA), has secured regulatory approval to acquire a 49% interest in compatriot North Solar SA, which supposedly owns a 500-MW solar project portfolio.

The transaction was cleared by the Hellenic Competition Commission (HCC) on Friday. The watchdog has concluded that the proposed deal “does not raise serious doubts” about restricting competition and is in line with merger regulations. Financial details were not available.

North Solar is a special purpose vehicle set up to build, maintain and operate solar photovoltaic (PV) parks. According to local media reports, the company is developing solar energy projects with a total capacity of 499.1 MW in northern Greece’s Western Macedonia region.

In its five-year business plan for 2020-2024, DEPA says it will seek to create a green energy portfolio of more than 200 MW by making “substantial” investments in the wind and solar power sectors.

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