Greek power utility PPC acquires wind-solar parks in home country

• PPC Renewables, a subsidiary of Greek power utility PPC SA, buys a 46-MW portfolio of wind and solar photovoltaic parks in Greece from Piraeus Equity Partners.

What happened?

PPC Renewables, a subsidiary of Greek power utility PPC SA, has acquired a 46-MW portfolio of wind and solar photovoltaic (PV) parks in Greece. The portfolio comprises 44 MW of onshore wind farms in the Lakonia prefecture and 2 MW of solar plants in the Thessaly region. The assets were purchased from Piraeus Equity Partners after PPC Renewables won a competitive tender process held by the Cyprus-based unit of Greece's Piraeus Bank Group. The deal was finalised after a share purchase agreement was signed in December 2022. The value of the purchase has not been disclosed.

Why does it matter?

The acquisition of the wind-solar portfolio by PPC Renewables is part of the company's plan to grow its installed renewable fleet to 7.2 GW by 2024 and 9.5 GW by 2026. The acquisition of this portfolio will help PPC Renewables achieve its target and also help the country reach its renewable energy goals. According to data from the International Energy Agency (IEA), Greece has the potential to generate 290 TWh of solar energy annually, which is more than double its electricity demand. The IEA has also urged the country to accelerate its renewable energy efforts to reach its net-zero emissions target by 2050.

What's next?

Under its 2022-2026 business plan, PPC Renewables plans to expand its renewable energy portfolio and reduce its reliance on coal. In January 2023, the company secured funding from the European Investment Bank (EIB) for three solar projects totalling 230 MWp in Western Macedonia. Additionally, PPC Renewables has joined hands with Germany’s RWE AG to build 210 MWp of PV parks at the site of a former open-pit lignite mine in the same region. The company's efforts to expand its renewable energy portfolio are expected to contribute to Greece's efforts to transition to a sustainable energy future.