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, estimated at 700-800K€.
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.
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 soon.
The Ashtrom Group, one of Israel’s leading construction and property companies, has dedicated itself to the provision of professional, comprehensive, and all-inclusive solutions for all its customers.
The Ashtrom Group was founded in 1963, and since then has strived to run with optimal synergy all of its subsidiaries in a manner such as to create a complete solution package for every project, both local and overseas, under a single roof.