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KKR-owned ContourGlobal bought a group of small solar power plants in Greece, alongside a portfolio of battery storage projects totaling 500 MW in operating power and 2 GWh in capacity. It is the company’s debut in the country’s energy sector.
Right after the inauguration of its standalone battery energy storage system in Bulgaria of 202 MW and 500 MWh, ContourGlobal revealed that it entered neighboring Greece through three acquisitions. The London-based company said it acquired photovoltaic systems of 37 MW in overall peak capacity and a group of mature projects for battery energy storage systems (BESS).
There are 26 solar power plants, commissioned between 2011 and 2022. They were owned by Quest Energy, a subsidiary of Quest Holdings, listd on the Athens Stock Exchange. The assets are contracted under feed-in tariff (FiT) and feed-in premium (FiP) supporting schemes, providing both predictable and premium revenues, ContourGlobal pointed out.
Expected yearly output is 51 GWh, enough to power as many as 15,000 Greek households per year.
ContourGlobal has acquired in recent months the full ownership of six battery storage projects through two different transactions with FRV (Fotowatio Renewable Ventures) from Spain and Greek developer Zephiros, the announcement adds. They total 500 MW in capability and 2 GWh of storage capacity.
ContourGlobal is breaking ground for its first BESS plant in Greece this quarter
The ready-to-build (RtB) Taxiarches project is for 100 MW and 400 MWh, respectively. The site is in Farkadona in the Trikala regional unit in Thessaly. Construction is scheduled to begin before the end of March and commercial operation is expected by early 2027.
“Building on our experience operating large-scale BESS projects from Chile to Bulgaria and on the developments already underway in the United States, we see Greece as a key market to scale our battery storage portfolio in Europe and support the country’s energy transition,” Chief Executive Officer Antonio Cammisecra said.
All BESS projects have permits
All projects have secured environmental approvals and key permits, and have applied for grid connection, ContourGlobal stressed.
Although Greece is a relatively small power market in Europe with 24 GW of installed capacity, it is the second-largest in the Balkan region and is experiencing rapid growth in renewables, the company added.
“While historically dominated by lignite and gas, the country is accelerating renewable development, with solar and wind capacity projected to reach around 60 GW by 2060. At the end of the current decade, nearly 70% of installed capacity and electricity generation are expected to come from renewable sources, increasing the need for flexible, grid-scale storage. Moreover, the country is projected to become a net exporter of electricity from 2026,” the update reads.
Expansion ambitions for Greece, Europe
The company said it is assessing further development opportunities in Greece as part of its long-term growth strategy in renewables and battery storage.
ContourGlobal underscored that the new transactions are strengthening its European platform for further growth in renewables and battery storage, building on its established presence in Italy, Spain and Austria.
As for Southeastern Europe, Bulgaria is booming with BESS throughout, Romania is gaining momentum, while Greece is taking a long jump approach, with some administrative hurdles continuing. Turkey is commissioning its first hybrid power plants.
Of note, ContourGlobal was involved in a coal power project in Kosovo* but eventually decided to quit, citing political issues.
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