PPC Renewables buys 46-MW wind-solar portfolio in Greece

PPC Renewables, part of Greek power utility PPC SA (ATH:PPC), has finalised the acquisition of a 46-MW portfolio of wind and solar photovoltaic (PV) parks in its home country from Piraeus Equity Partners.

The acquired portfolio consists of 44 MW of onshore wind farms in the Lakonia prefecture of southern Greece and 2 MW of solar plants in Thessaly region, PPC said on Wednesday. The value of the purchase was kept under wraps.

The assets were bought by PPC Renewables after the company won a competitive tender process held by the Cyprus-based unit of Greece's Piraeus Bank Group. A share purchase agreement was signed in December last year.

Under its 2022-2026 business plan, PPC aims to grow its installed renewables fleet to 7.2 GW by 2024 and 9.5 GW by 2026 and move away from coal. Last month, the utility's renewables unit secured funding from the European Investment Bank (EIB) for three solar projects totalling 230 MWp in Western Macedonia and joined hands with Germany’s RWE AG to build 210 MWp of PV parks at the site of a former open-pit lignite mine in the same region.

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