Early contacts between buyers and sellers are already underway and are expected to intensify once the final list of projects eligible for grid connection is announced, with discussions mainly focused on distribution network projects, though assets connected to IPTO’s transmission system are also being considered.
Buyers include funds and large domestic and international energy companies, particularly those that initially stayed out of the tender due to regulatory uncertainty and administrative complexity, and are now seeking to enter the market at a later stage by acquiring more mature, “ready-to-build” projects.
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On the selling side, small and medium-sized investors are increasingly considering exits, mainly due to financing pressures, with a key hurdle being the high cost of guarantee letters required under the scheme, €200,000 per MW for transmission-connected projects and €50,000 per MW for distribution-connected ones, combined with associated bank requirements for collateral and interest rates of between one and 1.5 percent.
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For a typical 50 MW project, this can translate into at least €50 million in available capital, making implementation difficult, while larger players benefit from stronger banking relationships, lower guarantee costs of 0.6 to 0.9 percent and greater flexibility, and tight timelines, with projects required to be completed within 18 months, alongside rising construction costs, are further pushing smaller investors towards selling, turning licensed, grid-ready projects into attractive acquisition targets. (Michalis Mastorakis/hcn)
First published on the energy portal energypress.gr and republished on pv Europe as part of a partnership.
