Greece's Public Power Corp to set up JV with RWE Renewables

ATHENS, Feb 9 (Reuters) - Greece’s state-owned power utility Public Power Corp. (PPC) will set up a joint venture with German-based RWE Renewables GmbH to develop solar parks, PPC said on Tuesday.

RWE will hold a 51% stake in the joint venture and PPC’s renewables arm, PPC Renewables, the rest, PPC said in a bourse filing.

The partnership aims at the joint contribution and development of photovoltaic parks with an total installed capacity of 2 gigawatt, it said.

Under an ambitious plan to make its economy greener, Greece has started shutting down its coal-fired plants that PPC has been operating for decades, aiming to close all but one by 2023 and boost renewables.

Athens plans to spend a big chunk of the 32 billion euros ($38 billion) of grants and loans it will get from the European Union’s recovery fund on green projects. (Reporting by Angeliki Koutantou Editing by Sonya Hepinstall)