Greek fossil fuels company HELLENiQ has recently entered into an agreement to acquire a 180MW solar photovoltaic (PV) portfolio from the Greek subsidiary of UK-based renewables developer Lightsource bp.
The transaction, executed with Lightsource Renewable Energy Greece Holdings (UK), is set to become effective upon the projects reaching commercial operation, which is anticipated to take place between the first and third quarters of 2024. While specific financial terms of the arrangement have not been disclosed, HELLENiQ has revealed that more than half of the projects included in the portfolio are secured through long-term contracts.
See also: Lightsource BP's Bellflower Solar Project Powers Towards a Greener Future
This latest acquisition follows HELLENiQ's recent purchase of a 211MW Romanian PV portfolio from fellow Greek renewables developer Mytilineos. The company's strategic drive to enhance its renewable energy holdings aims to incorporate a total of 1GW of operational renewable assets by 2025, with a further expansion target of 2GW by the year 2030.
Notably, in June 2021, Lightsource bp had secured a noteworthy co-development agreement for 640MW of solar capacity in Greece. The company's plan included the gradual deployment of 200MW of solar capacity within the ensuing 24 months.
See also: Lightsource bp Signs Major Deal with Siemens for 1GW Supply of Solar Inverters for US PV Projects
Within the context of Europe's evolving photovoltaic (PV) sector, Greece is emerging as a prominent player. Experts in the industry have extensively discussed the nation's potential and the challenges it faces, notably highlighting the pivotal role of the interconnection system in unlocking Greece's substantial solar energy capabilities. As HELLENiQ takes strategic steps to fortify its renewable energy presence, the Greek solar market's trajectory is becoming a focal point of attention within the energy sector.
