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Greek geothermal development efforts see interest by China Development Bank

Greece Independence Day (source: flickr/ John D. Carnessiotis, creative commons)
Alexander Richter 7 Sep 2017

China Development Bank and Public Power Corporation (PPC) in Greece are about to sign an MoU for funding of energy projects in Greece, which could support geothermal development efforts by PPC.

Greek Public Power Corporation (PPC) recently launched of a tender for strategic partners for geothermal development plans. We reported on six interested parties qualified for Phase B of the selection process regarding the selection of a strategic partner in the field of electricity production from geothermal power plants. There were seven expressions of interest files that were timely submitted.

These six parties qualified: Enel Green Power Hellas S.A. (Greece), Helector S.A. (Greece), Storengy (France), KS Orka Renewables Pte Ltd. (Singapore), Zorlu Enerji Elektrik Uterim A.S.- Turboden S.p.A. (Turkey/ Italy) and Terna Energy S.A. – Terna Aioliki Xerovouniou S.A. (Greece). In March this year, PPC announced plans to triple production capacity from geothermal energy.

Now, China Development Bank (CDB) and the Public Power Corporation (PPC) announce the signing of a memorandum of understanding this week. This is part of a larger Greece-China cooperation with an memorandum of understanding signed last year by China Development Bank and Bank of Greece. The MoU provides for the promotion of bilateral relations and economic and trade cooperation between China and Greece.

In February this year China Development Bank chairman Hu Huaibang noted that CDB – one of the world’s biggest development lenders – sees Europe and its expansion to international markets as priorities, adding that it has created special funds for the financing of enterprises in several European countries including Greece. It will have to be seen if the funding made available under the MoU will have some kind of incentive to use Chinese technology providers that would participate in renewable energy development, including geothermal in Greece.

Public Power Corporation S.A. (PPC) is the biggest power producer and electricity supply company in Greece with approximately 7.4 million customers.

Source: Balkan Green Energy News