Ashtrom Group has secured agreements for the construction of a solar project pipeline in Greece. A local development partner will develop five projects with a total capacity of roughly 476 MW. The solar schemes will cost EUR335-380 million (US$325-369 million).
Ashtrom Renewable Energy was also given the authority to take over numerous further projects owned by the Greek company that is in the advanced stages of development and expected to receive construction licenses next year.
The agreement includes a method for determining the development partner's compensation based on milestones and development progress, with most of the compensation given at advanced development stages and after grid connection approval. In Greece, power obtained from renewable energy projects can be sold through a variety of channels, including participation in government-published rate tenders, long-term Power Purchase Agreements (PPA), and sale on the open market.
