In November 2023, the Greek subsidiary of the Juwi Group, Juwi Hellas, acquired a photovoltaic portfolio with a total capacity of 267 megawatts (MW), consisting of three clusters (160 MW, 40 MW and 67 MW), from Hive Energy Ltd. The projects have now been sold to Foresight and Mirova. They are located in the central Greek regions of Fthiotida and Larissa, around 300 kilometres north of Athens. Juwi will realise the project portfolio as an EPC service provider and is therefore responsible for the technical design (engineering), component purchasing (procurement) and construction. Construction of the plants is scheduled to begin in August 2024, with commissioning planned for the first quarter of 2026. After commissioning, Juwi will take over the technical operation and maintenance (O&M) of the solar plants.
16,000 single-axis tracking systems
A total of around 430,000 bifacial solar modules and over 800 string inverters will be installed in the projects of the former Hive portfolio. Around 16,000 single-axis tracking systems will ensure that the system's solar modules follow the daily path of the sun. The PV systems will thus generate a total of around 515 million kilowatt hours of clean electricity per year. This is roughly equivalent to the electricity requirements of more than 100,000 Greeks. The solar park covers an area of around 430 hectares and is therefore the size of more than 600 football pitches.
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With the Hive and Foresight Mirova transaction and the resulting commissioning, MVV's project development company Juwi has successfully and repeatedly benefited from its proven diversified business strategy, which includes both in-house development and the acquisition of mature project rights: Current examples include the 204 megawatt solar park in Kozani, Greece, and the 223 megawatt Pike solar park in Colorado, US.
"Juwi currently has a pipeline of 500 megawatts of solar projects in various stages of development in Greece. With a total capacity of 267 megawatts, the solar portfolio of Foresight and Mirova will be the largest in our company's history. This underlines our role as one of the leading project development companies in selected foreign markets,’ emphasises Stephan Hansen, COO of the Juwi Group and responsible for international business. Selling the portfolio to Foresight and Mirova and signing the EPC and O&M contracts was a positive step, comments Takis Sarris, Managing Director of Juwi Hellas. ‘We are confident that we will deliver state-of-the-art projects.’
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Looking forward to realising this investment in the Greek renewable energy sector, Diomidis Dorkofikis, Partner at Foresight, said: ‘The joint venture with Mirova brings together considerable expertise and resources and it has been a pleasure to work with Juwi on this transaction. This investment is in line with our vision to support sustainable and profitable energy infrastructure projects."
This is Mirova's third investment in Greece with MET5, emphasises Helene Dimitracopoulos, Investment Director at Mirova: ‘The expertise and ambition of Mirova and Foresight have aligned seamlessly in this transaction. We trust Juwi for its unique global and local experience both as a developer and as an EPC contractor." The project is seen as a milestone on Greece's path to a greener future. (nw/mfo)
