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Israel’s Ashtrom Renewable Energy Will Establish Projects Of 476 MW Capacity In Greece

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Another major milestone for Ashtrom Group is promoting its renewable energy operations. The subsidiary, Ashtrom Renewable Energy, is reporting its entry to operations in Greece today, following its operations in the U.S. and Poland, which commenced last year. Ashtrom Group announces that its subsidiary, Ashtrom Renewable Energy, has signed agreements to develop a solar project pipeline in Greece in which a local development partner will develop five projects under initial development and at a cumulative scope of ~476 MW. The cost of establishing the said projects is estimated at €335-380M, based on the assumption that the cost of construction per MW, including the cost of connecting such projects to the grid, is estimated at 700-800K€.

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In addition, Ashtrom Renewable Energy was granted a future right to take over several additional projects owned by the Greek corporation at advanced stages of development and which, according to the development partner, are expected to obtain the substantial permits required for construction within the upcoming year.

In addition, the agreement contains a mechanism by which consideration to the development partner will be determined according to milestones set forth in the agreement and development progress, where most of the consideration will be paid at advanced development stages and after approval for connecting to the electrical grid.

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Yitsik Marmelshtein, CEO, Ashtrom Renewable Energy, “Ashtrom’s entry to the energy market in Greece corresponds with its strategy for expanding its renewable energy operations to additional countries, following our entry to the U.S. and Poland. 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 in the near future. We intend to take further measures and develop 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 renewable energy market in Greece has demonstrated accelerated growth in recent years and is expected to continue growing in the near future in light of various developments in the European energy market, specifically in Greece. The total installed capacity in Greece in 2022 is estimated at ~21 GW, with an estimated solar capacity of ~4 GW.

According to market consultants specializing in Greece, the installed solar capacity is expected to reach ~10GW by 2030, comprising a significant share of the energy generation mix in Greece.

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Electricity derived from renewable energy projects in Greece can be sold in various methods, including participation in rate tenders published by the government, through long-term Power Purchase Agreements (PPA) or selling electricity on the open market.

Ashtrom Renewable Energy operates in several major geographical markets, focusing mainly on the U.S. and Europe. This project joins several others that the company operates in Texas and Idaho. These projects, including the current project pipeline, are at various stages of development, comprising ~1,500 MW. Ashtrom recently reported that, together with a partner, it signed a first agreement to sell ~235 MWdc of electricity in a project generating an overall capacity of ~400 MWdc in Texas. The agreement was signed with the San Antonio electric company (Aa2 international rating), which will acquire 60% of the electricity generated by the said project for 20 years.

Ashtrom Group is among Israel’s leading construction and real estate companies whose shares are traded on Tel Aviv 35. The group operates in several operating sectors: Construction and infrastructure contracting in Israel – including, inter alia, residential and infrastructural contract constructions; Franchise – participation in tenders and executing planning, operations and financing activities for large-scale infrastructure and residential projects; Housing entrepreneurship in Israel, through Ashdar, a subsidiary that is a leader and among the oldest companies in the field; Investment and entrepreneurial real estate, through Ashtrom Properties, a subsidiary operating in Israel, Germany and England, holding and managing shopping malls and commercial centers, office buildings and employment centers, industrial structures and more; Industries – mainly manufacturing, marketing and selling raw materials to the construction industry and importing and marketing finishing products for the construction industry; Construction and infrastructures contracting abroad, as well as residential real estate development int he U.S. and Europe – performed by Ashtrom International; Renewable energy – investment in wind, solar, storage and other energy-related projects in Israel and worldwide. Ashtrom Group chairperson is Mr Rami Nussbaum, Group CEO – Gil Giron.

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