PPC to sign agreement with China Development Bank

August 31, 2017

Photo: PPC Renewables
PPC to sign agreement with China Development Bank

China Development Bank (CDB) and the Public Power Corporation (PPC) are due to sign a memorandum of understanding in Thessaloniki on Saturday, September 9. The agreement will be inked during a conference titled “Investment Opportunities in Southeastern Europe – Trends and Challenges in the Energy Sector.”

Conference is being organized by PPC within the framework of the 82nd Thessaloniki International Fair (TIF). Energy Minister Giorgos Stathakis, China’s Ambassador to Greece Zou Xiaoli, the head of the European Commission Representation in Greece, Panos Karvounis, and representatives of companies and banks from China and Southeastern Europe will speak at the conference.

Few days ago PPC Renewables, a wholly owned subsidiary of PPC, and the Sumec Group, a member of the China National Machinery Industry Corporation (Sinomach), whose membership also includes CMEC, signed a Memorandum of Understanding at the PPC headquarters in Athens.

The MoU concerns the development of renewable energy projects in Greece and the wider region, as well as the provision of energy services, especially in energy efficiency, a domain in which Sumec possesses extensive experience, PPC announced in a statement.

Manolis Panagiotakis, PPC’s chief executive, Ilias Monaholias, the head official at PPC Renewables, and Cai Jibo, the Sumec Group’s president, all took part in the signing ceremony and meeting.

Also the event was attended by  Liu Huifeng, a representative of Sinosure (China Export & Credit Insurance Co), an investment insurance company.

Sumec officials at the signing ceremony noted that the Chinese company intends to establish Greece as its operating base for the wider region.

Panagiotakis, the PPC boss, highlighted the significance of the collaboration between PPC Renewables and Sumec. He stressed that PPC will fully support the initiative, while also hinting at a possible partnership between PPC and Sumec.

Six parties qualified at tender for geothermal power plants

On August 24,  PPC announced that six interested parties qualified for Phase B of the selection process regarding the selection of a strategic partner in the field of electricity production from geothermal power plants. There were seven expressions of interest files that were timely submitted.

These six parties qualified: Enel Green Power Hellas S.A. (Greece), Helector S.A. (Greece), Storengy (France), KS Orka Renewables Pte Ltd. (Singapore), Zorlu Enerji Elektrik Uterim A.S.- Turboden S.p.A. (Turkey/ Italy) and Terna Energy S.A. – Terna Aioliki Xerovouniou S.A. (Greece).

PPC wants to triple production capacity from geothermal energy.

Partners for wind farms

PPC Renewables has recently  said it is looking for partners to build 12 wind farms at a number of sites across the country. The company published three tenders to build the wind farms, operate them and provide maintenance for a period of 14 years.

According to PPC Renewables’ plans, the 12 wind farms will be on several of the Greek islands in the Aegean sea and will have a total installed power of 31.8 MW.

Greece and China

In July last year China Development Bank and Bank of Greece signed a memorandum of understanding. The MoU provides for the promotion of bilateral relations and economic and trade cooperation between China and Greece.

In February this year China Development Bank chairman Hu Huaibang noted that CDB – one of the world’s biggest development lenders – sees Europe and its expansion to international markets as priorities, adding that it has created special funds for the financing of enterprises in several European countries including Greece.

Public Power Corporation S.A. (PPC) is the biggest power producer and electricity supply company in Greece with approximately 7.4 million customers.

PPC Renewables generates electricity with no adverse impact on the environment with an overall pipeline of projects in different stages of development amounting more than 330MW.