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Economy

Greece’s Power Company Will Build Five Solar Farms with German Help

ATHENS – Further moving away from reliance on Russian supplies and toward sustainable and green sources, Greece’s biggest power utility Public Power Corp. (PPC) and Germany’s RWE will join to build five solar farms in Greece.

The projects will cost 180 million euros ($196 million) and have a total capacity of about 200 megawatts (MW) and are expected to be fully operational by the end of the first quarter of 2024, the companies said in a joint statement.

Power produced at the parks, which will be situated within a former open pit coal mine in northern Greece, will be sold to third parties via bilateral power purchase agreements of between 10 and 15 years, said Reuters.

RWE and PPC have set up a joint venture which is developing large-scale solar farms in Greece of a total capacity of up to 2 gigawatts.

Solar Power Europe’s aim to achieve a new record in the installation of photovoltaic electricity production units in 2023, after 2022 record, Aristotelis Hantavas, the President of the organization said in a message for the new year.

“In 2023 we expect around 54 GW of new solar power and under an very ambitious scenario we expect up to 68 GW. This course will be decisive since IEA says that Europe needs 60 GW of new solar power in 2023 to replace the deficit in Russian natural gas,” Hantavas said.

The priorities of Solar Power Europe in 203 are increasing solar power installations, preserving regulatory stability, adequacy of grid, restructuring administrative procedures and strengthening access to green and reliable energy.

Hantavas said in 2022, solar power installation was 41.4 GW, capable of covering more than 12 million households, reported Greece’s state-run Athens-Macedonia News Agency AMNA.

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