April 25 (Renewables Now) – Israel’s Econergy Renewable Power Ltd (TLV:ECNR) stated that it has struck an settlement with Greek peer Terna Power (ATH:TENERGY) to develop and construct a 460-MW photo voltaic portfolio in Greece.
Below the phrases, the Israeli renewables developer will purchase a 49% stake in a Greek firm that owns two companies which might be presently engaged on a pair of photo voltaic tasks — one in all 240 MW and the opposite of 220 MW.
Investments within the photo voltaic farm development are anticipated to complete round EUR 265 million (USD 284.7m). Of this quantity, some EUR 130 million correspond to Econergy’s share within the portfolio.
The 2 photo voltaic farms will likely be situated within the Kilkis area of Greece. Econergy expects the tasks to achieve ready-to-build stage by the third quarter of 2023, so constructions works may begin within the following quarter.
Building and commissioning are anticipated to wrap up by the top of 2024, Econergy stated.
Participation in what is claimed to be one of many largest photo voltaic portfolios in Greece represents Econergy’s entry into the Greek market.
“We are going to proceed to develop our operations within the Greek market by the institution of a neighborhood group with expertise and connections and the event of further tasks. We are going to proceed to progress our portfolio in Greece and throughout different European markets as we glance to play a number one position within the continent’s power transition and decreasing our reliance on international fossil fuels,” commented Econergy CEO Eyal Podhorzer.
(EUR 1.0 = USD 1.074)