Sale of the largest renewable energy project in Greece
Hellenic Petroleum Renewable Energy Sources S.A. (ELPE Renewables), the subsidiary of Hellenic Petroleum Group announced the acquisition of a 204 MWp solar photovoltaic park at the final permitting stage, in the area of Kozani, Greece, from German renewable energy developer and contractor JUWI.
The 204 MWp Kozani solar project, with a total investment of about EUR 130 million (US$140.84 million), is the largest renewable energy project in Greece and among the five largest PV parks in Europe. After its completion, the park will produce about 300 million kilowatt-hours of climate-friendly electricity – enough to power 75,000 Greek households. It will also save 300,000 tons of greenhouse gas emissions annually.
The project will create up to 300 jobs during the construction phase, as well as dozens of direct and indirect during operation, most of which will come from the local community.
The transaction is expected to be completed during the second quarter of 2020, with the construction is estimated to take 16 months and the Project becoming operational in the fourth quarter of 2021.
Pricewaterhouse Coopers Business Solutions S.A. (PwC) acted as a financial advisor to Hellenic Petroleum, while Zepos & Yannopoulos acted as legal advisor. Juwi received legal advice from Norton Rose Fulbright.
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