Valorem Launches 27 MW Wind Project in Northern Greece

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Valorem, a French independent green energy operator, has initiated its first wind energy project in Greece with the development of the Magoula wind farm. Situated at an altitude of 1,700 meters on Mount Askio, northwest of Kozani in northern Greece, the project marks a significant step in Valorem's international expansion. The wind farm comprises six Vestas V150-4.5 MW turbines, totaling an installed capacity of 27 MW. Once operational, it's expected to generate approximately 71 GWh annually, sufficient to supply electricity to around 18,000 households. 

Infrastructure and Development

  • Construction Timeline: Construction began in 2023, following the acquisition of all necessary permits and financing in 2022.

  • Site Accessibility: To facilitate access to the mountainous site, 11 km of new roads were constructed, which also improved connectivity between surrounding villages.

  • Grid Connection: An underground medium-voltage line was installed to connect the wind farm to the existing Gratsiani substation, minimizing visual and environmental impact. 

Financial and Operational Aspects

  • Investment and Financing: The total investment for the project was EUR 40 million (US$ 45 million), with EUR 31 million (US$ 35 million) in long-term debt financing secured from Alpha Bank.

  • Power Purchase Agreement (PPA): Valorem signed a long-term PPA to ensure a stable feed-in tariff for the electricity produced, providing economic visibility and contributing to the stability of Greece's national energy market.

  • Project Management: Valorem's subsidiary, VALREA, managed the project, while Air Energy served as the main engineering, procurement, and construction (EPC) contractor. Vestas is responsible for the operation and maintenance of the wind farm under a long-term contract.

List of the country updates

Country updates

  • February 05, 2025

    VALOREM obtains environmental approval for 300 MW of solar PV in Greece

    French independent green energy operator VALOREM announced that seven of its photovoltaic solar projects totaling 300 MW, located in Thessaly, received Environmental Terms Approval (ETA) from the Gree...

    Read more
  • June 17, 2024

    Masdar buys out Greece’s Terna Energy in USD3.4 billion deal

    Masdar, a renewables developer based in Abu Dhabi, has agreed to acquire a majority stake in Greek energy company Gek Terna.

    Read more
  • January 08, 2024

    Enel finalized sale of 50% of Enel Green Power Hellas to Macquarie Asset Management

    Macquarie Asset Management, on behalf of co-investors and managed funds, has acquired a 50% stake in Enel Green Power Hellas from Enel Group (Enel) for a total equity consideration of approximately EU...

    Read more
  • October 19, 2023

    Plans announced for 1 GW subsea interconnection cable project

    Italy and Greece authorities have announced plans for a 1 GW subsea interconnection cable that will connect a new converter station in Galatina, Italy, with a station in Thesprotia, Greece. The...

    Read more
  • October 10, 2023

    Agreement announced for new project promoter for Greece-Cyprus-Israel electricity interconnector

    EuroAsia Interconnector Limited and the Independent Power Transmission Operator (IPTO) of Greece announced they have reached an agreement for the designation of IPTO as Project Promoter of the Electri...

    Read more

Share this update