Ellaktor, an infrastructure group in Greece, has entered a strategic agreement with renewable energy company EDP Renewables (EDPR) to jointly develop a 900MW wind park portfolio in the country.
As part of the agreement, new wind parks will be developed in various areas of Greece, with a joint investment that is estimated more than €1bn upon its full implementation.
Ellaktor Group CEO Anastasios Kallitsantsis said: “In 2018, we set renewable energy as a main growth pillar for the Group, foreseeing the acceleration of global energy transformation and the necessary for Greece transition to ‘green’ energy.
“Through this agreement, Ellaktor further emerges as a pole of attraction for reliable international investors, capable of creating alliances, which improve the country’s investment profile, support the development of the Greek economy and protect the environment.”
Under the new partnership, the companies will initially focus on the acquisition and joint development of two wind park complexes in the Prefecture of Evia, which is currently in the development stage and will have a with a maximum capacity of 436.8MW.
The next parts of the agreed cooperation will be gradually implemented.
To ensure a smooth implementation of this ‘green’ investment programme, a business vehicle has also been created with a strong capital base, which has access to the international capital markets.
Through this agreement, Ellaktor is expected to double its installed capacity, which is currently 491MW.
EDPR Offshore chief operating officer and chief development officer Spyridon Martinis said: “Over the course of this time, we have confirmed the country’s potential in renewable energies and want to assume a leading role in the transition of its economy towards a more modern, independent and environmentally friendly model.
“Ellaktor stands as an ideal partner in the Greek market and we are proud to announce today what we predict will be a fruitful relationship. EDPR will continue to examine worldwide opportunities while developing profitable projects focused on countries with low-risk profiles and regulatory stability.”
Upon the settlement of technical details and signing of the final transaction documents, the two companies will focus on the remaining 460MW capacity. The agreement is expected to conclude by the beginning of next year.