Renewables

PPC targets renewables share of 65% by 2026 in new three-year plan

PPC to increase renewables to 65% by 2026 based on new three year plan

Photo: PPC

Published

January 23, 2024

Country

Comments

comments icon

0

Share

Published:

January 23, 2024

Country:

Comments:

comments icon

0

Share

PPC is preparing projects and products and an expansion to other markets on the way to achieving EUR 3 billion in annual earnings before interest, tax, depreciation and amortization (EBITDA) by 2030.

The Greek energy group’s management presented a three-year strategic plan at its Capital Markets Day in London. Public Power Corp. (PPC) said it aims to be at the forefront in clean energy and critical infrastructure and services in Southeast Europe.

A large part of the plan is for renewables and the reduction of CO2 emissions. PPC aims to increase green energy capacity by 18% every year until 2026 to increase its share to 65% from 43%.

The company revealed the ambition to become carbon neutral by 2040. Despite the coal plant phaseout, total installed capacity is expected to increase by 18% by 2026 due to green energy projects, PPC said.

Stassis: We aim to create value across all countries

PPC aims to invest EUR 9 billion in total from 2024 to 2026, or 130% more than in the previous equivalent period, for capital expenditure in the sectors of photovoltaics, offshore wind, storage, power grids, fiber optic networks, electromobility and other initiatives.

According to Chairman and CEO Georgios Stassis, it will create value for the group and additional value for customers, shareholders, employees and the environment across all the countries it is active in.

PPC’s regional expansion to continue

Another key target is to expand geographically, after buying out Enel’s renewables and retail network in Romania last year. Stassis did not mention specific countries during the presentation in London. However, sources close to the group point to renewable energy projects in Bulgaria as one of the next targets.

It remains to be seen whether the management can achieve its objectives in a complex and challenging international environment that holds many surprises. For now, investors seem to favor PPC’s new direction, since its share price has increased by more than 60% in the past year.

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

ja solar Borussia Dortmund signal iduna park

Largest solar power plant on football stadium to be installed at Signal Iduna Park

28 March 2025 - The home of Borussia Dortmund is set to become the site of the world's largest solar power plant installed on a stadium roof

Sungrow ESS Experience Day Munich accelerating sustainable future Europe

Sungrow ESS Experience Day Munich: accelerating to a sustainable future for Europe

28 March 2025 - Experts from across Europe exchanged thoughts at ESS Experience Day in Munich on the role of energy storage systems for grid support and the energy transition

Greece first solar panel recycling machine Crete

Greece’s first solar panel recycling machine installed in Crete

28 March 2025 - Greek company Katheris said it installed the country's first solar panel recycling machine. It's one of few such endeavors in the region

uefa solarpower europe galatasaray solar

Solar power to energize European football, UEFA teaming up with SolarPower Europe

27 March 2025 - The Union of European Football Associations and SolarPower Europe have partnered to advance sustainability in European football