Israel-based company Econergy Renewable Energy Ltd. has established a new partnership with TERNA ENERGY to develop solar power plants in Greece with a combined capacity of 460 MW – EQ Mag Pro

Econergy struck a deal with Athens-listed Terna Energy to acquire a 49% stake in a platform that owns two companies in Greece, which are currently developing solar power plants totalling 240 MW and 220 MW, respectively.

“We are delighted to be entering the Greek market through this partnership with Terna,” said Eyal Podhorzer, CEO of Econergy. “We will continue to expand our operations in the Greek market through the establishment of a local team with experience and connections and the development of additional projects.”

At a total cost of €265 million, the two solar projects will be located in the Kilkis region of Greece and are slated to reach the ready-to-build phase by Q3 2023, with construction work set to finish by the end of 2024. Ecoenergy’s share of the Greek solar portfolio will amount to approximately €130 million.

Econergy said in a statement today that its entry into the Greek market aligned with the company’s strategy to ‘expand its operations throughout Europe’ and underlined the ‘strength of its development pipeline’, while the Greek electricity market presented Econergy with the potential for ‘significant growth’ in the coming years, due to its ‘long-term tariff tenders, the possibility of selling electricity on the free market at attractive prices, and the relatively high solar radiation in Greece’.

Podhorzer added: “We will continue to progress our portfolio in Greece and across other European markets as we look to play a leading role in the continent’s energy transition and reducing our reliance on foreign fossil fuels.”