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Strong partnership for Greece between DEI and RWE

DEI and RWE create a joint venture for the implementation of renewable energy projects. Photovoltaic projects with a capacity of up to 2 GW, is the initial target while there is the
possibility to further extend the cooperation.

Greece is one of the countries in Europe with the greatest sunshine and with ambitious development plans for renewable energy sources. Two energy groups with extensive experience, RWE and DEI, are joining forces to contribute to the acceleration of the greek energy transition by developing large-scale photovoltaic projects in the country, with a total capacity of up to two gigawatts (GW). Through this cooperation, the greek electricity company will continue the de-lignification of its portfolio and its shift to renewable energy. For RWE, one of the leading producers of renewable energy, this partnership marks its first entry into the greek market.

“DEI is committed to leading the energy transition in the country. Extroversion is vital for the transformation of our group. Working with strong partners, we are on track to achieve our ambitious goals and make our own green deal. This day marks an important milestone in our journey, we welcome RWE to Greece and look forward to the joint development of projects of unprecedented scale in the country.”, said Konstantinos Mavros, CEO of DEI Renewables.

“European partnerships, such as this cooperation with DEI, are necessary for the implementation of the energy transition. Greece is a promising growth market for us, due to high levels of solar energy and its clear commitment to renewable energy sources. As one of the world’s leading renewable energy companies, we will make a significant contribution with our experience and knowledge to ensure that this partnership is successful.The development of new renewable sources of energy is a priority/objective for RWE.”, said Katja Wünschel, COO of Land PV Europe and Asia-Pacific Operations of RWE Renewables.

Following the signing of the Heads of Terms Agreement at the beginning of this year, RWE Renewables (51%) and DEI Renewables (49%) signed agreements for the creation of a joint venture through which they will be able to implement together renewable energy projects in Greece. DEI Renewables will perform nine photovoltaic projects with a total combined capacity of up to 940 megawatts (870 MWac), located in Northern Greece, in the region of Western Macedonia, within the boundaries of the former open mine in Amyntaio. RWE Renewables secured a series of photovoltaic projects of similar size with a view to its inclusion in the consortium. Photovoltaic projects are at various stages of development: Projects at an advanced stage are expected to be operational in 2023. Further projects at an early stage could follow in 2025. Both parties agreed to keep the economic terms of the trade confidential.

The complementary advantages of this partnership will accelerate the successful development of these projects. RWE Renewables has an extensive track record of performance and know-how in the field of engineering, financing, construction, and operation of renewable energy projects.The company has a functional portfolio of renewable energy sources with an installed capacity of more than 9 GW and currently has been manufacturing photovoltaic units with a total capacity of 1.4 GW (1.2 GWac) worldwide. DEI Renewables has a deep knowledge of the greek energy market, strong relationships with the main stakeholders and is able to provide strong management at a local level. Highlighting their long-term commitment to the greek market, RWE Renewables and DEI Renewables aspire to expand their cooperation in further photovoltaic projects as well as in new opportunities.

PricewaterhouseCoopers Business Solutions S.A. acted as DEI’s Financial Advisor for the transaction.

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