Hellenic Petroleum closes buy of 204-MW solar bundle from Juwi

Greece’s Hellenic Petroleum SA (ATH:ELPE) has closed the acquisition of a 204-MW solar project portfolio at home from German developer Juwi.

The schemes, currently in the final permitting phase, were purchased by Hellenic Petroleum’s subsidiary Elpe Renewables, the energy group said on Tuesday. The acquired portfolio consists of 18 solar plants that will be installed in Kozani region, Western Macedonia, at a total investment of around EUR 130 million (USD 153m).

The Greek firm will finance the project with funds from its recent EUR-100-million bond placement, in which the European Bank for Reconstruction and Development (EBRD) invested EUR 75 million.

Once operational in 2022, the photovoltaic (PV) park will create the largest renewables complex in Greece, producing around 350 GWh of electricity per year. Its construction is planned to begin in October and take 16 months. Commissioning is targeted in the first quarter of 2022.

More than 350 job positions will be created during the construction of the project. Over 35% of the materials, equipment and employment that will be used will be sourced locally.

Hellenic Petroleum’s mid-term goal calls for the company to have 600 MW of installed renewables capacity by 2025.

(EUR 1.0 = USD 1.177)

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