Valorem Launches 27 MW Wind Project in Northern Greece

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.