An agreement between Greece’s Public Power Corporation (PPC) and Germany’s power company RWE was approved by PPC’s executive board, the company announced on Tuesday.
The agreement concerns the creation of photovoltaic stations with a capacity total of up to 2 GW, implemented through a joint investment scheme, PPC said in a statement.
RWE Renewables GmbH participates in the scheme by 51 pct, and PPC Renewables SA’s (PPCR) participation is 49 pct, was clarified in the statement.
As chief partner of the joint venture, RWE will provide greater capital amounts for investments and maintain control.
Given the Greek market’s current cost for installing PV facilities, estimated at 500,000 euros per 1 MW, the 2-GW portfolio planned by PPC and RWE represents a one billion-euro investment.
PPC Renewables SA is a subsidiary company of Public Power Corporation SA.