Israel's Econergy to take stake in 460-MW solar portfolio in Greece

Israel’s Econergy Renewable Energy Ltd (TLV:ECNR) said that it has struck an agreement with Greek peer Terna Energy (ATH:TENERGY) to develop and build a 460-MW solar portfolio in Greece.

Under the terms, the Israeli renewables developer will acquire a 49% stake in a Greek company that owns two firms that are currently working on a pair of solar projects -- one of 240 MW and the other of 220 MW.

Investments in the solar farm construction are expected to total around EUR 265 million (USD 284.7m). Of this amount, some EUR 130 million correspond to Econergy’s share in the portfolio.

The two solar farms will be located in the Kilkis region of Greece. Econergy expects the projects to reach ready-to-build stage by the third quarter of 2023, so constructions works could commence in the following quarter.

Construction and commissioning are expected to wrap up by the end of 2024, Econergy said.

Participation in what is said to be one of the largest solar portfolios in Greece represents Econergy’s entry into the Greek market.

“We will continue to expand our operations in the Greek market through the establishment of a local team with experience and connections and the development of additional projects. We will continue to progress our portfolio in Greece and across other European markets as we look to play a leading role in the continent’s energy transition and reducing our reliance on foreign fossil fuels,” commented Econergy CEO Eyal Podhorzer.

(EUR 1.0 = USD 1.074)

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