Econergy goes into Greece with 460MW PV deal

Apr 25, 2022 02:51 PM ET
  • Partnership with Terna Energy to construct 2 projects with capacities of 240MW and also 220MW
Econergy goes into Greece with 460MW PV deal
Image: Mariana Proenca/Unsplash

Econergy Renewable Energy has gone into the Greek clean power market via a partnership with Terna Energy to develop solar projects totalling 460MW.

The contract will certainly see Econergy acquire 49% of the share capital of a Greek company that owns two companies in Greece, which are each in the process of creating solar plants of 240MW and 220MW.

The total investment for the building of the projects is approximated at EUR265m, of which Econergy's shares are around EUR130m.

The two projects are located in the Kilkis area of Greece.

Econergy prepares for that the projects will reach the ready-to-build phase by the third quarter of 2023, with building work expected to start in the 4th quarter of the exact same year.

Building is expected to be finished by the end of 2024, when the project will be connected to the network.

Econergy said its access into the Greek market lines up with the company's approach to broaden its operations throughout Europe as well as underlines the toughness of its advancement pipe.

Econergy chief executive Eyal Podhorzer claimed: "We are delighted to be entering the Greek market through this partnership with Terna.

" We will certainly continue to expand our procedures in the Greek market with the establishment of a local group with experience and also connections as well as the development of extra projects.

" We will certainly remain to proceed our portfolio in Greece and throughout various other European markets as we aim to play a leading role in the continent's energy change and also minimizing our reliance on foreign fossil fuels."

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