Israel's Ashtrom to co-develop 476 MW of solar projects in Greece

Israel’s Ashtrom Renewable Energy will take part in the development of a 476-MW portfolio of solar projects in Greece alongside a local partner, thus making its entry into the Balkan country.

The company, part of construction and real estate giant Ashtrom Group (TASE:ASHG), will co-develop five photovoltaic (PV) schemes, it said on Tuesday. Additionally, it has secured the right to acquire several other projects currently owned by its Greek partner that are in advanced stages of development and will be permitted within the next year.

The five projects covered by the original arrangement are estimated to require an investment of between EUR 335 million (USD 325.1m) and EUR 380 million. Specific details about the individual size of the schemes and their locations were not available.

The parties have agreed to a mechanism that will see Ashtrom’s development partner receive most of its consideration when the projects enter the advanced phases of development and after the grid-connection permits have been obtained.

Ashtrom’s entry into the Greek market is aligned with the company’s vision to expand its global renewable energy activities and comes after it stepped into the US and Poland. “We estimate that the Greek market - characterised by accelerated growth, high electricity prices and good solar radiation conditions compared to other European countries - can serve as a significant growth opportunity for Ashtrom Renewable Energy in the near future,” said CEO Yitsik Marmelshtein.

The Israeli firm presently has roughly 1.5 GW of solar projects in the pipeline in the US, Israel, Poland and Greece.

(EUR 1.0 = USD 0.971)

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