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Israel-based Ashtrom Renewable Energy has signed agreements to develop a 476MW solar project pipeline in Greece, marking the company’s entry into the Greek market.
Together with local partners, Ashtrom will develop five projects at an estimated cost of €335-380 million ($325-369 million).
In addition, Ashtrom Renewable Energy was granted a future right to take over several additional projects at advanced stages of development and which are expected to obtain the required construction permits within the upcoming year.
Yitsik Marmelshtein, CEO, Ashtrom Renewable Energy: “Ashtrom’s entry to the energy market in Greece corresponds with its strategy for expanding its renewable energy operations to additional countries, following our entry to the US and Poland. We estimate that the Greek market – characterised by accelerated growth, high electricity prices and good solar radiation conditions compared to other European countries – can serve as a significant growth opportunity for Ashtrom Renewable Energy in the near future”.
According to Ashtrom, the renewable energy market in Greece has demonstrated accelerated growth in recent years and is expected to continue growing in the near future in light of various developments in the European energy market, specifically in Greece. The total installed capacity in Greece in 2022 is estimated at about 21GW, with an estimated solar capacity of 4GW.
