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Hellenic Petroleum to buy 204 MW of Greek solar projects from Juwi

Solar modules. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

February 17 (Renewables Now) - Greek oil refiner Hellenic Petroleum SA (ATH:ELPE) on Monday said it has agreed to buy a portfolio of solar projects with a combined capacity of 204 MW in northern Greece from German renewables developer Juwi Group.

The projects, located in the area of Kozani in the West Macedonia region, will form the biggest renewable power plant in the country and one of the five biggest photovoltaic (PV) systems in Europe. It is expected to produce 300 GWh a year, enough to meet the needs of 75,000 households and save about 300,0000 tonnes of carbon dioxide (CO2) emissions.

The total investment in the projects is expected to be EUR 130 million (USD 141m). The sale is expected to close in the second quarter of the year, while the projects are expected to be commissioned in the final quarter of 2021.

The portfolio sale was agreed by Hellenic Petroleum's unit Elpe Renewables SA, which was advised by PricewaterhouseCoopers Business Solutions SA on the transaction.

Earlier this month, the Greek Minister of Environment and Energy, Kostis Hatzidakis said that power utility Public Power Corp (PPC) planned an investment in 2 GW of PV systems in the region of West Macedonia.

(EUR 1.0 = USD 1.084)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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