Ashtrom Renewable Energy to develop 476 MW solar projects in Greece

Prospero 2 Solar Project

Ashtrom Renewable Energy has signed agreements to develop five solar projects totaling ~476 MW in Greece with a local development partner.

The cost of establishing the projects is estimated at €335-380 million, based on the assumption that the cost of construction per MW, including the cost of connecting such projects to the grid, estimated at €700-800K.

Ashtrom Renewable Energy has already commenced its operations in the U.S. and Poland last year.

Ashtrom Renewable Energy was also granted a future right to take over several additional projects owned by the Greek corporation at advanced stages of development.

“We estimate that the Greek market – characterized by accelerated growth, high electricity prices and good solar radiation conditions compared to other European countries – can serve as a significant growth opportunity for Ashtrom Renewable Energy,” Yitsik Marmelshtein, CEO, Ashtrom Renewable Energy, said.

“We aim to take further measures and develops additional renewable energy projects, thus establishing our operations in the U.S., Israel, Poland and Greece, where we conduct substantial projects of ~1.5 GW total capacity.”

The total installed capacity in Greece in 2022 is estimated at ~21 GW, with an estimated solar capacity of ~4 GW. The installed solar capacity is expected to reach ~10GW by 2030, comprising a significant share of the energy generation mix in Greece.