Greek Electricity Giant Acquires Bulgarian Solar Parks

Business » ENERGY | April 12, 2024, Friday // 11:48
Bulgaria: Greek Electricity Giant Acquires Bulgarian Solar Parks

The Greek national electricity company, PPC, has announced plans to acquire 500 megawatts of photovoltaic capacity in Bulgaria. This acquisition forms part of a broader project aimed at developing 90 installations with a combined capacity of up to 2,000 megawatts across Italy, Bulgaria, Croatia, and Romania.

According to reports from Greek state television ERT, PPC has inked an agreement with MYTILINEOS Energy & Metals for the acquisition of photovoltaic parks in multiple countries. The project encompasses installations in Italy (503 megawatts), Romania (516 megawatts), Bulgaria (500 megawatts), and Croatia (445 megawatts), each at various stages of development.

Under the agreement, MYTILINEOS will be responsible for the design and construction of the installations, as well as their integration into the respective countries' electricity networks. The initiative marks a significant milestone in the transition towards green energy, with the photovoltaic parks expected to cater to the energy needs of approximately 320 thousand households and save an estimated 3.4 million tons of carbon emissions.

PPC's expansion into Southeast Europe aligns with its strategy to capitalize on the diverse weather conditions in the region. With a goal to reach a total installed capacity of 8.9 gigawatts from renewable energy sources, the acquisition of photovoltaic parks in Bulgaria represents a strategic investment in the company's sustainable energy future.

Following PPC's capital increase in 2021, the Greek state now holds a stake of just over 34 percent in the national electricity company, underscoring its continued involvement in driving forward the transition to renewable energy.

As PPC expands its footprint in the renewable energy sector, the acquisition of photovoltaic parks in Bulgaria marks a significant step towards achieving its ambitious goals for sustainable energy generation and reducing carbon emissions.

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Tags: PPC, photovoltaic parks, Bulgaria, energy

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