PPC Renewables to acquire 45% stake in Volterra’s 4 wind farms in Greece

Greece’s PPC Renewables, a subsidiary of the country’s majority state-owned power utility, Public Power Corporation (PPC), and Volterra, a subsidiary of AVAX Group, have agreed the joint development and operation of 69.7 MW wind farms in Greece.

According to a news release from PPC, the company is in the process of acquiring 45% of Volterra’s two SPVs, which own 4 wind farms.

Two 16 MW wind farms in Etoloakarnania region are already operational with a feed-in premium (FiP) of 98 EUR/MWh.

The other 2 wind farms in Viotia region, one with an installed capacity of 42.9MW with a FiP of 98€/MWh and the other with an installed capacity of 10.8 MW capacity with a FiP of 56,45 EUR/MWh, are in the pipeline, with construction to start soon.

These transactions are subject to the notification and approval of the Hellenic Competition Commission, PPC said.

PPC CEO Manolis Panagiotakis said that this deal supports the company’s strategic plan to achieve 15-fold increase of the power generation from renewables by 2030 and to boost its installed capacity from renewables to 600 MW by 2022.

This kind of agreement is one of the mechanisms to meet those targets, he said, Ekathimerini.com reported.

Volterra CEO Panos Nikou said the company is eager to promote green energy, adding that this deal with the biggest energy company in Greece will speed up Volterra’s plan.

In July 2018, PPC presented its 2018-2022 strategic and business plan with the support of consulting firm McKinsey & Company. The plan envisages the company’s expansion to foreign markets and boosting the share of renewables in its overall energy generation mix.

PPC Renewables operates 20 wind farms, 17 small hydro power plants (SHPPs) and 28 solar power plants with a total installed capacity of 153 MW.

Volterra operates or is in the process of constructing renewable power plants with an installed capacity of 340 MW.