July 12 (Renewables Now) - Greek utility PPC SA (ATH:PPC) plans to add to its portfolio around 600 MW of renewable energy capacity by 2022, mostly wind and solar.
This is part of a new Strategic and Business Plan for the 2018-2022 period, details of which were announced on Tuesday. It was designed to protect PPC’s resilience and “transform it to a modern and cutting edge utility,” the company said. The planned capital expenditure amounts to EUR 3.9 billion (USD 4.5bn) in total, around 22% of which will be for renewables.
New green investments will be undertaken in view of the expected attractiveness of renewables as compared to other power generation sources and ongoing trends for growth in demand for electricity, energy efficiency measures, new technologies and decarbonisation.
Following a review of the electricity market trends in Greece and abroad, the company has decided to pursue a target for renewables to comprise 20%-25% of its total power generation capacity until 2030-2035.
PPC’s goal is to reach earnings before interest, tax, depreciation and amortisation (EBITDA) of between EUR 1 billion and EUR 1.1 billion by 2022.
Through its renewables unit, PPC operates power plants with a combined capacity of 153 MW, including wind, solar photovoltaic (PV) and small hydro, according to its website, and also has geothermal power projects in progress.
(EUR 1.0 = USD 1.168)