Cero Generation creates JV with Wattcrop to create 750MW of solar in Greece

• Cero Generation, a solar portfolio business of Macquarie's Green Investment Group, has formed a joint venture (JV) with renewables designer Wattcrop that will certainly aim to advance 750MW of PV in Greece over the next four years.

The partners will at first co-develop Greece-based Wattcrop's existing portfolio, which includes more than 480MW early-stage projects in its residence market.

They stated the JV's future project pipe will certainly be supported by Greece's emerging power purchase contract market.

Cero was founded by Green Investment Group earlier this year and has more than 8GW of solar capability under development in markets such as the UK, Italy, Spain, Poland, France and also the Netherlands.

Along with acquiring a minority risk in French agrophotovoltaic programmer Green Lighthouse Development, the business just recently developed a joint endeavor with Enso Energy that will certainly target 1GW of subsidy-free solar ability throughout England and also Wales.

The current cooperation marks Cero's access right into Greece, with the JV aiming to incorporate Cero's technical experience and also investment capacity with Wattcrop's expertise of the regional market.

"Our collaboration with Cero Generation, a GIG portfolio firm, will certainly allow us to establish, construct and also run top quality renewable energy properties as well as increase the improvement and decarbonisation of power generation in Greece," claimed Ypatios Moysiadis, handling companion at Wattcrop Group.

Greece has a target to guarantee 61% of all electricity eaten in the country comes from sustainable sources by 2030, when it anticipates to have 7,660 MW of PV ability, up from the 3,351 MW mounted since year-end 2020. However, brand-new European Union discharges reduction objectives may see that target boosted to 10GW.

A Greek renewables auction in May closed with solar prospective buyers securing all available capacity, with Lightsource BP grabbing 40% on offer. The firm, a joint venture with oil major BP, said its success in that public auction is part of a larger 640MWp solar portfolio it will certainly establish with Greek renewables firm Kiefer TEK.

Greece prepares to execute six technology-neutral tenders between 2021-- 2024, granting an overall of 2.1 GW of renewables ability. While the nation appears on the right track to surpass its solar implementation targets, designers running in the county are presently faced with headwinds in the form of grid bottlenecks in addition to a lack of ideal land for large-scale projects.