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Newsletter April 2012


Sun and Wind Attract Big-ticket Investments

With year-round sunshine and an abundance of Mediterranean wind, solar parks and wind farms in Greece have for years played a critical role in the country’s energy mix.

Today, with a national push towards green energy and a fast-track investment scheme, international interest in Greek renewable projects has reached record levels.

Green Light for Greece’s Largest Wind Park
The biggest wind park in the country received the "green light" for implementation. A joint venture between Italy’s Enel and the Kopelouzos Group, the investment  will be located in Kafirea, Evia and will have a total installed capacity of 140 megawatts. Upon completion, the total investment will amount to 250 million Euros. Investors are reported to have already agreed with foreign banks to finance the project and work is scheduled to commence soon. Enel is no stranger to Greece, as the energy giant currently ranks among the top five companies in terms installed wind capacity in the country.
Unigea Erneuerbare Energien Gmbh Announces Big Plans for Greece
The Austrian company Unigea Erneuerbare Energien Gmbh plans to make a significant investment of at least 600 million Euros for the production of 1,200 mw of wind energy in Greece, according to statements by the CEO, Hannes Schoeckler in the Austrian newspaper “Der Standard.” The production of 400 Mw has already been approved and the company expects approval for plant construction by mid-2012. According to the paper, plants could be operational in 2014 or 2015.
SPI Solar Launches Second Solar Project in Evros
SPI Solar, a leading vertically integrated photovoltaic ("PV") solar developer and engineering, procurement and construction ("EPC") services provider, announced that it has successfully completed the acquisition of the necessary contracts and permits to serve as developer of a 2 megawatt fixed-ground-mount solar energy facility (SEF). The SEF will be a fixed-tilt ground-mount utility-scale facility. The Greek Public Power Corporation ("PPC") will purchase the electricity generated by the SEF through a 20-year Power Purchase Agreement (PPA). The new facility will be located in Evros, a North Eastern region of Greece and construction is scheduled to begin in the first quarter of 2012.

This will be SPI's second major solar development in Greece. The first project, announced in August, was a 4.4 megawatt SEF also located in the Evros region. "This is our second major project in Evros in less than a year and we are very pleased with the direction our efforts are taking us in Greece," said Stephen Kircher, CEO of SPI. "The projects we are executing and pursuing in Greece are perfectly suited to our experience and skill set.” In addition, both SPI projects will provide a shot in the arm for the Evros economy. “It's a real plus to be able to make a positive economic contribution through the jobs we will be creating and the low-cost, sustainable electricity our facilities will be producing,” Mr. Kircher said. “We look forward to more projects in Greece and elsewhere in Europe.”

PPC: Two International Ventures Vie  for Cyclades Interconnection Project
Germans, French, Italians and Greeks are all lining up to take part in the electrical interconnection of Cyclades. The interconnection project, spearheaded by the Greece Public Power Company (PPC), will have a total budget of 400 million Euros. Technical auction bids for the project were submitted by a German-Italian joint venture of SIEMENS-NEXANS-PRYSMIAN companies, and a French-Hellenic joint venture of ALSTOM-GREEK CABLES companies. The administration of PPC expects the selection of the contractor by the end of May and the completion of the project within 42 months from the signing of the contract. The Cyclades initiative is one of the largest submarine electrical interconnection projects anywhere in the world. Once completed the interconnection will allow the Cycladic islands to fully exploit their unrivaled potential in renewable energy production and while facilitating the transition away from costly and polluting diesel power stations. The project will cover the islands of Andros, Tinos, Mykonos, Syros, Paros, Antiparos and Naxos.