New data for the Greek electricity market is being created by the photovoltaic Delfini Project of the Cero company, which started construction yesterday in Prosotsani, Drama and is expected to be ready in the summer of 2023. It is a large project with a power of 100MW and a projected investment amount of 80 million. euros, financed by Piraeus Bank. The Australian company Macquarie, known for its acquisition of 49% of DEDDIE from PPC, participates in the project as a shareholder.
So what is new about this particular investment in the Greek electricity market? This particular project is the first in Greece to be financed and built without having a guaranteed sale price for the energy produced. Until now, the projects that were being built had a guaranteed price and with this contract that they had secured, they turned to the banks for the financing of their project. The Delfini Project, on the contrary, signed a corporate PPA, i.e. a private contract for the purchase and sale of the produced electricity, with the Swiss company AXPO. With this contract, AXPO commits to purchase the energy produced by the photovoltaic plant at a specific price. Through this corporate PPA, which will start in early 2024, the Cero company has secured from Piraeus Bank the financing of the construction costs of the photovoltaic plant. For its part, AXPO will be able to resell the photovoltaic energy by entering into purchase and sale contracts with large industrial customers or supply companies, benefiting from the price difference.
We want to see more such investments in the future, said the responsible Minister of Environment and Energy K. Skrekas. The minister’s exhortation is not just by chance, as the more RES projects start to be built with this method, i.e. without a fixed price from a tender, but with corporate PPAs, the more the electricity market will mature and the benefits from the operation of new RES will multiply. At the same time, the Ministry of the Interior has invested in the development of corporate PPAs in order to create the conditions for the competitive electrification of energy-intensive industries. Finally, it is noted that the relevant preparations and incentives for the promotion of the measure are at an advanced stage on the part of the government.
Source: Capital
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