PPC, RWE to finalise 2-GW Greek solar JV in Oct - report

The green energy unit of Green utility PPC SA (ATH:PPC) and German energy major RWE AG (ETR:RWE) are expected to complete their roughly 2-GW solar joint venture (JV) in Greece at the start of next month, Energypress reports.

PPC’s subsidiary PPC Renewables will hold 49% in the new entity, while RWE Renewables GmbH, the clean energy arm of RWE, will be the controlling shareholder.

According to the report, PPC Renewables will take part in the collaboration with 940 MW of solar projects proposed to be installed on repurposed lignite areas in Amynteo, in northern Greece's Macedonia region. The first batch of environmental permits for those schemes has already been secured. Meanwhile, RWE Renewables is taking the last steps in its search for solar photovoltaic (PV) projects with a combined capacity of 1 GW.

The Amynteo project will be the first one to be executed via the JV partnership. RWE and PPC intend to start working on its development in the first half of 2022.

PPC's board gave its nod to the proposed JV with RWE in February.

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