Israeli renewable company Ashtrom Renewable Energy has entered the solar market in Greece after agreeing to co-develop a 476MW project pipeline.
It will co-develop five solar projects that are under initial development with an undisclosed local developer via an investment of up to €380 million (US$368 million).
Furthermore, the company has a right to take ownership of several other projects at an advanced stage – and expected to obtain construction permits within a year – of development from its Greek partner.
The expansion into the Greek market is aligned with the company’s strategy of expanding its renewables operations to additional countries after previously entering in the US and Polish markets.
The latest announcement has brought its project pipeline to 1.5GW at various stages of development across the US, Poland, Israel and Greece.
Yitsik Marmelshtein, CEO, Ashtrom Renewable Energy: “We estimate that the Greek market – characterized by accelerated growth, high electricity prices and good solar radiation conditions compared to other European countries – can serve as a significant growth opportunity for Ashtrom Renewable Energy in the near future.”
Ashtrom operates in the US states of Idaho and Texas, where it recently signed a 235MW power purchase agreement (PPA) on a 400MW project in Texas.