FRANKFURT (Reuters) - RWE, Germany's biggest power producer, on Thursday said it has formed a joint venture with Public Power Corporation (PPC) (AT:DEHr), which will initially focus on realising solar projects worth up to 2 gigawatts in Greece.
The 51-49 joint venture is RWE's first move into the Greek market, the company said, adding both firms had agreed to not disclose financial details of the deal.
"Greece is a promising growth market for us, with its high solar energy levels and clear commitment to renewables," said Katja Wuenschel, chief operating officer for onshore and PV Europe and Asia-Pacific of RWE Renewables.
"Growing new renewable energies is the clear focus for RWE."
PPC will contribute nine solar projects worth a combined 940 megawatts and located in northern Greece's west Macedonia region. RWE Renewables has secured a project pipeline of similar size for the venture.
RWE said the projects are at various stages of development, with the more advanced expected to start operations in 2023 and the less developed possibly following two years later.