The partnership will enable EDPR to gain further growth visibility in the Greek market
Spanish energy company EDPR and Ellaktor, a Greek infrastructure development company, have entered into an strategic cooperation for the joint development and implementation of a portfolio of 900MW wind projects in Greece.
The total estimated value of the joint investment could exceed more than €1bn and the wind farms will be located at various areas in the country.
EDPR and Ellaktor claim that the partnership could play a key role in Greece’s green energy transition in the coming years.
The first stage in the strategic cooperation will include the acquisition and joint development of two wind farms with capacity of 436.8MW. Currently under development, the two wind farms will be located in the Prefecture of Evia.
The companies plans to gradually implement the remaining capacity agreed under the cooperation.
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.
“Today, our strategy proves us right, with the confidence of the 4th largest producer of wind energy in the world, for the implementation of an investment that will exceed €1 billion in our country.”
The partnership will help Ellaktor more than double its installed capacity
Through the partnership, Ellaktor is expected to more than double its installed capacity, which is currently at 491MW, strengthening its position in the domestic market, while also expanding its investment plan in Greece.
Furthermore, the company have formed a business vehicle with a strong capital base and access to international capital markets for the implementation of the green investment programme.
The partnership will enable EDPR to gain further growth visibility in the Greek market, where it has already contracted 152MW capacity in recent wind auctions.
Kallitsantsis said: “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.
“ELLAKTOR therefore proceeds to the bold moves that are required and is strategically placed, through this scheme, as one of the main drivers in the implementation of the National Energy and Climate Plan of the country for the period 2020-2030.”