Karatzis Group, a netting materials manufacturer and renewables investor, has initiated the construction of three solar parks with a combined capacity of 270.8 megawatts (MW) in the Thessaly region of northern Greece. The projects, located in the regional units of Larissa and Magnesia, aim to achieve commercial operations by the third quarter of next year, as reported by Greek news portal Newmoney.
The estimated cost for the installation of these photovoltaic (PV) parks is EUR 190.8 million (USD 207.6 million). Financing for the projects has been secured through Greece's Recovery & Resilience Fund (RRF), with long-term contracts already signed with Eurobank and Piraeus banks, along with the Greek state, amounting to EUR 159.6 million. Approximately 20% of the total funds required will be covered by Karatzis Group's operating cash flows and investment loans.
All necessary contracts for equipment supply have been finalized, and the commissioning of the solar parks is anticipated during the summer-autumn season of 2024. The generated electricity will be sold under a long-term power purchase agreement (PPA) with Greek industrial group Mytilineos SA.
Additionally, in the Thessaly region, Karatzis Group reportedly has 330 MW of completed solar parks awaiting grid connection, emphasizing the company's substantial presence and contribution to the renewable energy landscape in the region.
