GEK Terna indications solar energy PPAs with PPC, RWE in Greece

Jun 9, 2023 12:53 PM ET
  • Electricity distributor HERON and also Meton Energy have signed power purchase agreements (PPAs) for three solar energy projects in Greece

HERON, part of commercial empire GEK Terna, accepted acquire about 192 GWh of eco-friendly electrical energy annually from power plants being constructed by Meton Energy, a joint venture of RWE Renewables Europe and Australia and also PPC Renewables.

The PPAs include three project-specific offtake agreements covering 10- and also 12-year contractual horizons, HERON said.

Solar ranches Orycheio Lakkia, Rodonas and Anargyroi 3 will be constructed in the former lignite mine location of Amyntaio in the Western Macedonia area in the north of Greece. The financial investment decision for them and also one more two solar power projects with 210 MW in consolidated peak capacity, equating to 175 MW in grid connection, was gotten to in January.

They are set up to be finished by the end of March 2024 within the partnership that German energy RWE as well as Public Power Corp. (PPC) of Greece developed a year as well as a fifty percent earlier.

Building and construction works are currently underway, HERON said.

Both sides have authorized another agreement. Sustainable power aggregator Optimus Energy, a subsidiary of HERON, as well as Meton Energy have authorized market representation agreements that are the first of their kind in Greece, concerning their long-term contractual horizon.

According to HERON, Optimus Energy supports the PPAs by using long-term market representation agreements for the solar power plants, covering route-to-market and harmonizing services.

The new PPA age in Greece.

General Manager of HERON Loukas Dimitriou said the PPAs would certainly make it possible for the firm to cover part of its electricity portfolio supply requires in Greece and worried that it is one more large action towards its commitment to procure eco-friendly power for its clients.

The agreement emphasizes HERON's advancement function in the new PPA age in Greece, which HERON has originated as the first utility to procure and also provide long-term eco-friendly power to its consumers because 2021, he added.

According to Olaf Lubenow, RWE Supply and also Trading's Head of Commodity Solutions for the UK, North as well as South Europe, the agreements are the outcome of full commitment on all sides and also demonstrate just how climate defense is possible under market problems.

"These agreements aid Optimus Energy to increase its leading role in the Greek market in the direction of giving the essential depiction solutions which are essential to a lasting PPA," Chairman of the Board of Supervisors at Optimus Energy Costas Baslis worried.

Solar Installers, Manufacturers