With the goal of attracting more than 1 billion euros in investments in solar farms in Greece, Its joint venture will launch later this year DEI with the German RWE.
The Board of Directors of PPC approved yesterday a Memorandum of Understanding (Head of Terms) between its 100% subsidiary, PPC Renewables, and RWE Renewables GmbH. According to PPC’s announcement to the Stock Exchange, the agreement provides for the joint development and implementation of photovoltaic power plants with a total installed capacity of up to 2 gigawatts through a joint investment vehicle. The ownership stakes in the joint investment vehicle will be 51% for RWE Renewables GmbH and 49% for PPC Renewables.
According to relevant information from the Public Power Corporation (PPC), the goal is to have the joint venture up and running by June. Investments over the next three years are estimated to total 1 billion euros, while More than 1,000 jobs are expected to be created during the construction phase of the projects.
PPC has signed and is implementing, in principle, agreements with other companies for the joint development of power plants RES in Greece. The business plan projects that the company’s renewable energy capacity will reach 1.5 gigawatts by 2023, the majority of which will be solar power.
