Fossil fuel companies of Greek increasing their renewables collections

Greece’s dominating petrochemicals and fuel producer as well as vendor took over a photovoltaic attempt set to be operational sometime in the next year. At 204 MW, the solar power factory, which is still under development, will presently be the largest in the Balkans.

The financial details were not revealed. However, Andreas Shiamishis, who is the Chief Executive Officer, assured a €130 million venture, and the whole figure put in the media was €150 million.  

The officer accountable for strategic planning and recent activities in Hellenic Petroleum, George Alexopoulos, confirmed that the amount was below the wholesale cost. It signifies that those customers will not be subsidizing the Kozani solar energy plant, but the project is also offering support for additional renewables amenities with higher reference costs.  

The executive approximated the domestic added value at 40 percent and stated that the amenity might corporate electricity storage or supplementary innovative solutions in the mix.

The plunge in costs for the green energy production equipment and the measures against pollution of European nations advise fossil fuel firms to branch out. The two largest Greek companies in the division just unveiled that they made significant milestones towards recyclables.

Hellenic Petroleum, a refineries and filling station operator, which is partly owned by the state, submitted an application to the European Bank for Reconstruction and Development for a €75 million loan. The loan is planned for the building of a 204 MW photovoltaic plant intricate.

The Western Macedonia project, purchased from Juwi Holding, will be offered under the Greek Renewable Energy Framework of EBRD. The area houses most of the nation’s coal-powered thermal power factory capacity and open mines that are set to be shut down before the year 2028.

The EBRD stated that the solar energy project, which is one of the biggest in Southern Europe, will deliver savings of carbon dioxide of 187,000 tons per year and cover the energy demand of about 75,000 homes in Greece. 

Hellenic Petroleum is dynamic in six nations, including missions with hydrocarbon and petrochemicals exploration. It is mainly scheduled on the Athens Stock Exchange, with a lesser listing on the London Stock Exchange.

Combined green energy project with PPC Renewables

Energypress reported that the PPC Renewables Board of Directors, which is run by the government, has agreed to a first-round go-ahead for a contract with Motor Oil Hellas to increase a 100 MW wind farm.

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