Renewable

August 23 (Renewables Now) - The up to 2-GW Greek joint venture (JV) proposed by PPC SA (ATH:PPC) and German energy major RWE AG (ETR:RWE) is set to be established in October and will focus on solar photovoltaic (PV) projects, Energypress reports.

Under the plan, PPC’s subsidiary PPC Renewables and RWE Renewables GmbH, the clean energy arm of RWE, will jointly pursue the development of an up to a 2-GW portfolio of solar PV projects in Greece. Each of them will contribute 1 GW, with the projects to be realised over the next three-five years.

While PPC will hold 49%, RWE will be the controlling shareholder in the new entity with a 51% stake.

The overall project investment is estimated at more than EUR 1 billion (USD 1.17bn). According to the report, project development activities are set to begin by the first half of 2022.

(EUR 1.0 = USD 0.854)