星期五, 十月 23, 2020
Home PV News PPC Renewables to add 1.5 GW in solar including on former coal...

PPC Renewables to add 1.5 GW in solar including on former coal mines

From: BALKAN GREEN ENERGY NEWS    Author:Igor Todorović

The Regulatory Authority for Energy revealed Greece’s dominant power producer is already making steps in line with its recently published five-year plan. PPC Renewables SA, which has the responsibility for Public Power Corp. SA’s envisaged energy transition, filed applications for photovoltaic units with a total capacity of 1.5 GW.

The ambition is to add 1 GW by 2024 in solar and other green power installations. PPC intends to use depleted opencut lignite mines in Western Macedonia and near the southern town of Megalopolis in the Peloponnese. The utility sent the documents in the first ten days of December, according to the news carried by the domestic media including Energia.gr. President and chief executive George Stassis presented the strategy later in the month. The new projects come on top of PPC Renewables’ portfolio of licenses for 4.5 GW in electricity in various technologies and stages of development.

Both the subsidiary and its owner are negotiating with domestic and overseas investors about potential joint ventures. PPC Renewables just signed a memorandum of understanding with Masdar Taaleri Generation or MTG for 300 MW in power plants. Masdar or Abu Dhabi Future Energy is owned by Mubadala Investment, an investment vehicle run by the Emirate. It founded MTG this year with Taaleri Energia from Finland as an equal partner for operations in Central and Eastern Europe.

The state-owned energy giant is looking to finish the year with an annual gain of more than 220% after last week it closed at EUR 4.24 per share, the highest point in more than two and a half years. The peak briefly brought market capitalization back above EUR 1 billion. PPC, also known as DEI, has been winning favorable grades among analysts. Axia Research set its price target at EUR 7.3 per share. However, there are critics who see major risk in accelerating the phaseout of the coal-fired facilities.

The path forward especially depends on the European Commission’s stance after the upcoming negotiations about the target. Greece committed last year to divest of some of its power plants using the fossil fuel to third-party operators to increase competition.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Apple data center in Denmark powered by 50 MW of solar

Apple has revealed that its data center in Viborg, Denmark, is now being powered by a 50 MW solar project under a long-term power...

Solar + storage experiment in Tampa Bay selected for Solar Energy Innovation Network project

An innovative solar + storage research project led by the Tampa Bay Regional Planning Council has been selected as a finalist for the Solar...

Chinese PV Industry Brief: 350 MW wind-solar project, 200 MW of floating PV

Longyuan Energy said this week that it has signed an agreement with the municipal authorities in Binzhou, Shandong province, to build 300 MW of solar...

IEEE creates education and credentialing program for interconnecting distributed resources to the grid

IEEE and the IEEE Standards Association (IEEE SA) announced the IEEE Std 1547-2018 Distributed Energy Resources (DER) Interconnection Commissioning: Education and Credentialing Program, a new...