RWE, PPC Renewables ink 2-GW solar JV deal in Greece

German energy major RWE AG (ETR:RWE) and PPC Renewables, the green energy arm of Greek utility PPC SA (ATH:PPC), have signed a deal to set up a joint venture (JV) to develop up to 2 GW of solar projects in Greece.

RWE Renewables will be the controlling shareholder with a 51% stake, while PPC Renewables will hold the remaining 49%, RWE said on Thursday. The partners have agreed not to disclose financial details about the deal.

The Greek firm will take part in the JV with nine solar development projects of up to 870 MW/940 MW DC in total. The proposed capacity will be installed at the site of a former open-cast lignite mine in the northern region of Western Macedonia. RWE, meanwhile, will contribute a pipeline of photovoltaic (PV) schemes of a similar size.

According to the statement, the projects envisaged to be realised are currently at different stages of development, with some of them seen to become operational as early as 2023.

The JV deal will mark RWE’s entry into the Greek renewable energy market. “With its high levels of solar radiation and its clear commitment to renewable energies, Greece is a promising growth market for us,” said Katja Wünschel, COO Wind Onshore and PV Europe and Asia-Pacific at RWE Renewables.

Pricewaterhouse Coopers Business Solutions SA was PPC’s advisor in the transaction, which is seen to help the Greek utility to further decarbonise its power generation portfolio.

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