PPC Renewables may partner with Motor Oil, Helector in green energy

ppc renewables motor oil helector green energy

Photo: PPC Renewables' current projects (Google Maps)


May 5, 2020






May 5, 2020





Greece’s national electricity producer PPC is leaning on its green energy firm for the transition away from conventional and dirty technology. PPC Renewables is developing geothermal, wind and solar projects and establishing ventures, where domestic companies Motor Oil Hellas and Helector emerged as next likely partners.

Government-controlled Public Power Corp. SA or PPC is discussing with Motor Oil (Hellas) Corinth Refineries SA about a 100 MW wind farm venture in an unspecified Greek island, the local media earned. At the same time, the electricity producer is reportedly considering the possibility to rekindle a tendering procedure frozen two years ago and form a strategic partnership with Helector SA in geothermal energy. Both projects are said to be formally pursued via the PPC Renewables SA subsidiary.

Insiders revealed the island wind farm deal would include an interconnection with the national grid and that the sustainability of the potential business is still being examined. Of note, PPC and Motor Oil Hellas have jointly expressed a non-binding interest in buying 65% of DEPA Commercial SA from the state. The target entity is mostly active in the gas sector in Greece.

PPC and Motor Oil Hellas are looking into the feasibility of an island wind farm project of 100 MW including the interconnection

Helector was the best bidder in 2018 for the financing, construction and management of four planned geothermal power plants, followed by Terna. The fields are located in Lesbos, Milos-Kimolos-Polyaigos, Nisyros and Methana and PPC has the lease contract. Helector is controlled by Ellactor SA, which is also active in construction, real estate and waste management.

The strategic partner in the development of four geothermal power plants will get a majority share in the special purpose company, but PPC Renewables is keeping the exploitation rights

PPC Renewables already set up a special purpose firm and the strategic partner should get the majority. But it will keep the exploitation rights and conduct drilling independently.

The first exploratory operation is purportedly targeted for next month in Milos, where a 5 MW facility is planned. The Lesbos geothermal well has the potential of 8 MW and the remaining two are for 5 MW power plants.

PPC Renewables has been pursuing partnerships with domestic and overseas companies, especially in the transformation of open-pit coal mines into photovoltaic plants of 2 GW in total. A series of memorandums have been signed including with Masdar Taaleri, EDP Renewables and Germany’s RWE.

Exploratory drilling is said to be planned for June in the island of Milos in the Aegean for the future 5 MW geothermal power plant

The Ministry of the Environment and Energy recently approved the so-called environmental terms for PPC Renewables’ three wind farms in the Rhodopes, in the northeast. They are planned for 87.5 MW in capacity and 35 turbines.

The Greek green energy company has 18 small hydropower plants in its portfolio with 78 MW in total, of which five or 21 MW, respectively, are run with partners. PPC Renewables is developing another eight projects in the sector, with an overall 25 MW.

The company’s revenue increased 1.1% last year to EUR 26.6 million compared to the jump in net income of 130.3% to EUR 7.6 million.

Of note, Ellactor had 401 MW in installed capacity of renewable sources at the end of last year or 35% more than in 2018. It started trial operation of another 90 MW in the first quarter.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment

Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Zaev North Macedonia700 MW solar power Serbia Albania

Zaev: North Macedonia to invest in 700 MW solar power plant with Serbia, Albania

03 August 2021 - North Macedonia's Prime Minister Zoran Zaev said his country would invest in a photovoltaic system of 700 MW with Serbia and Albania

Training in solar, wind energy to improve job prospects for Syrian refugees UNDP

Training in solar, wind energy to improve job prospects for Syrian refugees

03 August 2021 - They will gain the skills thanks to a new network of renewable energy laboratories established by the UNDP.

Bulgaria hints possible closure all coal-fired power plants mid 2025 Maritsa East

Bulgaria hints at possible closure of all coal-fired power plants by mid-2025

02 August 2021 - The current version of the National Recovery and Resilience Plan may lead to a rapid coal exit in Bulgaria as the Maritsa East complex would be shut down


Serbia in talks with UGT Renewables on 1 GW in solar power plant projects

02 August 2021 - Serbia intends to sign a contract soon with Chicago-based UGT Renewables for the installation of photovoltaic systems with a combined capacity of 1 GW