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PFALZSOLAR and KGAL cooperate to build first 176 megawatt solar parks in Greece

Ludwigshafen, 22/02/2023
Reading time: 2 Minuten

PFALZSOLAR is building the first two solar parks in Greece as project developer and general contractor. Together with development partner Ylicon from Thessaloniki, PFALZSOLAR is developing the first two parks in a growing project pipeline. For PFALZSOLAR, the construction of the parks is the largest construction project in the company’s 20-year history.

“We have international experience with solar parks in the Netherlands, Great Britain, Spain and the USA. The fact that the first two projects from the comprehensive pipeline have already enabled such a successful market entry in Greece is partly due to the international expertise of PFALZSOLAR and its partners,” says Lars Josten, Managing Director of PFALZSOLAR. “For us, the two projects with 176 megawatts that we are implementing together with KGAL are a huge success and it shows that we have taken the right path with our international strategy.”

“A plus for Greece is the government-subsidised feed-in tariffs for green electricity via tenders,” explains Michael Ebner, Managing Director of KGAL Investment Management and responsible for Infrastructure. “For our joint projects, however, PPAs – i.e. electricity supply contracts – and the sale of electricity on the spot market are also up for consideration. We are so well positioned here with PFALZSOLAR that we can generate very attractive returns in every possible scenario.”

The solar parks in Evros and Volos
The first solar park with 81 megawatts is being built near the port city of Volos. The sixth largest city in Greece is centrally located. The new solar park is being built on an area of approximately 72 hectares. It is scheduled to be connected to the grid as early as the end of 2023 and will then produce approximately 122 million kilowatt hours of solar electricity annually.

The second larger solar park with 95 megawatts will be built in Evros on an area of about 90 hectares. The region is located in the north-east of Greece and is named after the river that runs along the border with Turkey. Construction is scheduled to begin in the first quarter of 2024 and commissioning is planned for autumn 2024. The completed solar power plant is expected to produce approximately 135 million kilowatt hours of solar power annually.

About KGAL
KGAL is a leading independent investment and asset manager with an investment volume of more than 16.5 billion euros. The investments focus on long-term real capital investments for institutional and private investors in Real Estate, Sustainable Infrastructure and Aviation. The Group, founded more than 50 years ago, operates across Europe and has its registered office in Grünwald near Munich. Taking into account aspects of revenue and risk, 338 employees help achieve stable yields on a sustainable basis (as of 31 December 2021).
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