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RWE, Germany’s largest power provider, announced on Thursday the formation of a joint venture with Public Power Corporation (PPC) (AT: DEHr) that will first focus on the development of solar projects worth up to 2 gigatonnes in Greece.
The 51-49 joint venture is RWE’s first foray into the Greek market, according to the business, who added that both parties had agreed not to publish financial specifics of the transaction.
Greece is a promising growth market for us, with its high solar energy levels and clear commitment to renewables,” said Katja
Wuenschel, chief operating officer for onshore and PV Europe and Asia-Pacific of RWE Renewables.
“Growing new renewable energies is the clear focus for RWE.” PPC will provide nine solar projects totaling 940 megawatts, all of which will be located in northern Greece’s west Macedonia region. RWE Renewables has acquired a similar-sized project pipeline for the venture.
RWE stated that the projects are in varied phases of development, with the most advanced projects likely to begin operations in 2023 and the less developed projects maybe two years later.
By: Norvisi Mawunyegah