Germany-based energy company RWE and Greek energy utility PPC Renewables have agreed to form a joint venture (JV) company to develop solar power projects in Greece.
The projects will have almost 2GW of capacity and are intended to help expedite Greece’s energy transition.
The agreement comes after the two companies signed heads of terms earlier this year.
RWE will own a 51% stake in the JV, with the remaining 49% being held by PPC Renewables.
Under this partnership, PPC Renewables has agreed to contribute nine solar projects with a combined capacity of 940MW.
RWE has secured a pipeline of photovoltaic projects in Greece with a similar capacity and will include these in the JV.
PPC Renewables CEO Konstantinos Mavros said: “PPC is committed to leading the energy transition in the country. Our extroversion is essential for the group’s transformation.
“Together with strong partners, we are on track to meet our ambitious targets and drawing our own green deal.
“Today marks a significant milestone in our journey. We welcome RWE to Greece and look forward to co-developing projects of unprecedented scale in the country.”
The partnership will aim to help PPC decarbonise its portfolio and support its shift to the renewable energy segment.
It is RWE’s first deal in the Greek market.
RWE Renewables Onshore and Photovoltaic Europe and Asia-Pacific chief operations officer Katja Wünschel said: “Greece is a promising growth market for us, with its high solar energy levels and clear commitment to renewables.
“As one of the world’s leading renewable energy companies, we will contribute significantly with our experience and knowledge to ensure this cooperation is a success.”
PricewaterhouseCoopers Business Solutions served as PPC’s financial advisor for the deal.
In May, RWE announced plans to establish a facility in County Mayo, Ireland, to test the potential of new airborne wind energy technologies.