Hellenic Petroleum shuts buy of 204-MW solar bundle from Juwi

Oct 9, 2020 01:07 PM ET
  • Greece's Hellenic Petroleum SA (ATH: ELPE) has actually closed the acquisition of a 204-MW solar project profile at home from German developer Juwi.
Hellenic Petroleum shuts buy of 204-MW solar bundle from Juwi
Image: Juwi Renewable Energies Limited

The schemes, presently in the final permitting phase, were bought by Hellenic Petroleum's subsidiary Elpe Renewables, the energy group said on Tuesday. The acquired profile consists of 18 solar plants that will certainly be installed in Kozani region, Western Macedonia, at a total financial investment of around EUR 130 million (USD 153m).

The Greek firm will fund the project with funds from its recent EUR-100-million bond placement, in which the European Bank for Reconstruction and also Development (EBRD) invested EUR 75 million.

When operational in 2022, the photovoltaic (PV) park will certainly develop the biggest renewables complicated in Greece, generating around 350 GWh of electrical power each year. Its construction is planned to begin in October and also take 16 months. Commissioning is targeted in the initial quarter of 2022.

More than 350 work positions will certainly be developed throughout the building and construction of the project. Over 35% of the materials, tools and employment that will be utilized will be sourced in your area.

Hellenic Petroleum's mid-term goal requires the firm to have 600 MW of installed renewables capability by 2025.

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