Ashtrom Renewable Energy, an Israeli renewable energy company, has signed an agreement with a local company in Greece to develop a 476 MW solar project pipeline. With this deal, Ashtrom Renewable Energy joins the renewable energy market in Greece for the first time. Initially, the company intends to build five solar projects, which might cost between $325 million and $368 million.

The agreement also includes a mechanism giving the development partner most of the consideration depending on the development progress. This would be paid once the partners has been given the go-ahead to connect the projects to the grid at advanced development stages. As per the reports, the installed solar capacity is anticipated to be approximately 10 GW by 2030, making up a significant share of Greece’s energy generation mix. Additionally, the agreement enables Ashtrom Renewable Energy the option to purchase additional projects owned by its Greek partner that are now in the planning phases. The Greek company stated that within 2023, these projects should be granted building permissions.

A subsidiary of Ashtrom Group, Ashtrom Renewable Energy operates in several major geographical markets, with a focus on the US and Europe. The company has a total portfolio of 1.5 GW of capacity in various stages of development. In December 2021, Ashtrom Group Limited and Kenlov Renewable Energy announced the signing of a definitive agreement to acquire four solar projects in the US with a total capacity of 1.1 GWDC from Texas-based developer OnPeak Power. An exclusive development services agreement to target an additional development pipeline of utility-scale projects across the US has also been signed.