Ashtrom eyes 476MW Greek solar possibility

• Israeli developer will certainly develop the 5 projects valued at EUR335-380m with a neighborhood partner

Israeli renewables player Ashtrom is establishing procedures in Greece by signing contracts to create a 476MW solar project pipe in the country with a neighborhood companion.

The pipe comprises 5 projects valued at EUR335-380m.

This is based upon the presumption that the cost of building per MW, including the cost of attaching the projects to the grid, is estimated at EUR700,000-800,000.

Ashtrom Renewable Energy has also been provided a future right to take over numerous extra projects possessed by the Greek companion at sophisticated stages of development.

These are anticipated to get the "substantial permits" needed for construction within the approaching year.

Furthermore, the agreement consists of a device through which factor to consider to the growth companion will certainly be identified according to milestones set forth in the contract and growth progress, where most of the consideration will be paid at sophisticated advancement stages and after authorization for linking to the electrical grid.

Yitsik Marmelshtein, CHIEF EXECUTIVE OFFICER, Ashtrom Renewable Energy, said: "Ashtrom's entrance to the energy market in Greece refers its technique for broadening its renewable energy procedures to extra countries, following our access to the US and Poland.

" We estimate that the Greek market - qualified by sped up growth, high power rates as well as great solar radiation conditions contrasted to various other European nations - can function as a considerable growth opportunity for Ashtrom Renewable Energy in the near future.

" We intend to take further measures and also creates added renewable energy projects, therefore developing our procedures in the US, Israel, Poland as well as Greece, where we perform considerable projects of 1.5 GW overall capacity."