Karatzis Group, netting materials maker and investor in renewable energy, started the construction of three solar power plants, with a total capacity of 270.8 MW. The start of commercial operations is expected in the third quarter of 2024, according to local media reports.
The photovoltaic parks will be located in the Thessaly region, in the regional units of Larissa and Magnesia. The overall cost required for their installation is estimated at 190.8 million euros.
The three vehicles behind each project have secured financing through Greece’s Recovery & Resilience Fund (RRF), with long-term contracts already signed with Eurobank and Piraeus banks and the Greek state for EUR 159.6 million. Around 20% of the total required funds will be covered by Karatzis’ operating cash flows and investment loans.
All contracts for equipment supply for the projects have been signed.
The future electricity output will be sold under a long-term power purchase agreement (PPA) with the Greek industrial group Mytilineos SA.
In Thessaly, Karatzi Group has 330 MW of completed solar parks awaiting grid connection.
