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Public Power Corp, RWE to build five solar farms in Greece
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(Reuters) – Greece’s biggest power utility Public Power Corp. (PPC) and Germany’s RWE have taken a final
(Reuters) – Greece’s biggest power utility Public Power Corp. (PPC) and Germany’s RWE have taken a final investment decision to build five solar farms in Greece, the two companies said on Thursday.
The farms will cost 180 million euros ($196 million) and have a total capacity of about 200 megawatts (MW).
They are expected to be fully operational by the end of the first quarter of 2024, the companies said in a joint statement.
Power produced at the parks, which will be situated within a former open pit coal mine in northern Greece, will be sold to third parties via bilateral power purchase agreements of between 10 and 15 years.
RWE and PPC have set up a joint venture which is developing large-scale solar farms in Greece of a total capacity of up to 2 gigawatts.
($1 = 0.9167 euros)
(Reporting by Angeliki Koutantou; editing by Jason Neely)
Solar power is energy harnessed from the sun's rays using solar panels. It is a renewable energy source that can be used for electricity generation, heating, and other applications.
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing profits, losses, and control.
A megawatt (MW) is a unit of power equal to one million watts. It is commonly used to measure the output of power plants and the consumption of electricity.
An investment decision is the process of deciding where to allocate resources, such as capital, to generate returns. It involves evaluating potential investments based on risk, return, and alignment with strategic goals.
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