EDP Renováveis and Ellaktor reach agreement to invest 1 billion in Greece

EDP Renováveis has reached an agreement with the Ellaktor group for the joint-development of wind farms in Greece, in an agreement that foresees investments of over 1,000 million euros.

In a statement, Ellaktor, the largest infrastructure group in that market, said that the partnership foresees the joint construction of wind farm complexes in several areas in Greece, with a total capacity of 900 MW.

In the first phase of the cooperation, the two companies will proceed with the acquisition and development of two wind farms that are currently under construction, with a maximum capacity of 436.8 MW. The following parts of the agreement will be implemented gradually. The Greek group also stresses that the deal with EDP Renováveis for projects with a capacity of about 460 MW should be concluded by the beginning of 2021.

“Through this agreement, a strong alliance is formed with significant dynamics and growth perspectives, with the objective of playing a leading role in the country’s energy transition in the coming years,” Ellaktor said in a statement sent to the Greek stock exchange.

“Through this partnership, EDPR accesses to quality assets under development and gains further growth visibility in the Greek market on top of the 152 MW already contracted in recent wind auctions to start operations in 2021 and 2022,” said the Portuguese company.