It has been almost a year since the Public Power Corporation (PPC) of Greece announced that it has signed a memorandum of understanding (MoU) with the German electricity giant RWE, one of the world’s leading renewable energy companies.

In early March, 2020, PPC and RWE agreed to ” pursue potential collaboration in order to exchange knowhow in decarbonization as well as in the development and implementation of renewable energy projects in Greece.”
The Greek electricity supplier follows a strategy of decarbonization and tries to shift its production to renewable energy sources.

Ten months since the first MoU was signed in Berlin, during the 2020 Greek-German economic forum, the deal has not yet been approved by PPC’s board.

The news came from the Greek Minister of Development and Investments, Adonis Georgiadis, who participated in the digital ceremony of the German-Greek Chamber of Industry and Commerce to celebrate the New Year.

Mr. Georgiadis reassured that it is a matter of days for the PPC- RWE MoU to be finally approved by the Greek side. He also said that both parties are eager to move forward as soon as possible.

The parties have agreed to focus on wind and solar projects. The aim is to develop joint projects in Greece, which will be in line with PPC’s ambitious targets for further increasing its RES portfolio. The companies will also consider a cooperation in the phase-out of coal in Greece by 2028.

The funds invested are estimated to reach around 1 billion euros.

For Greece, the PPC-RWE cooperation plan is one of the two major investments in the government’s “green agenda” . The second is Volkswagen’s pilot investment program in the island of Astypalaia.

The Greek government has pledged to phase out the use of lignite coal by 2028.