Ameresco Sunel Energy SA Has Successfully Reached Commercial Operation of Cero Generation’s 100 MWp Delfini Project Located in Prosotsani, Drama

Rhea-AI Summary

Ameresco Sunel Energy SA has announced the commercial operation of the 100 MWp Delfini solar project in Prosotsani, Drama, Greece. This landmark project, developed by Cero Generation, is the first Greek solar project to utilize a private power purchase agreement (PPA) without relying on government subsidies. It's also the first renewable project in Greece to benefit from the Next Generation EU Recovery and Resilience Facility.

The project, built on a mountainside, is designed to generate 157 GWh of electricity annually, powering 58,140 homes and avoiding 65,300 tonnes of CO2e emissions. It features a complex connection to the grid network, including a 2.5 km medium voltage line, a high voltage substation, and a 10 km network of overhead lines.

Positive

• First Greek solar project with a private PPA, demonstrating commercial viability without government subsidies
• Expected to generate 157 GWh of electricity annually, powering 58,140 homes
• Projected to avoid 65,300 tonnes of CO2e emissions annually
• First renewable project in Greece to benefit from the Next Generation EU Recovery and Resilience Facility

Negative

• None.

Insights

Renewable Energy Analyst

The successful completion of the 100 MWp Delfini solar project in Greece marks a significant milestone in the country's renewable energy landscape. As the first Greek solar project to utilize a private power purchase agreement (PPA) without government subsidies, it demonstrates the growing economic viability of large-scale solar installations.

The project's annual generation capacity of 157 GWh, powering 58,140 homes and avoiding 65,300 tonnes of CO2e emissions, underscores its substantial environmental impact. The use of a long-term PPA with Axpo Solutions AG indicates a shift towards market-driven renewable energy development, potentially accelerating Greece's transition to cleaner energy sources.

The project's innovative financing, leveraging the Next Generation EU Recovery and Resilience Facility, could serve as a model for future renewable energy projects in the region, potentially catalyzing further investment in the sector.

Financial Analyst

The Delfini project's commercial operation represents a significant business opportunity for Ameresco and its partners. By demonstrating the feasibility of large-scale solar projects without government subsidies, it opens up new market possibilities in Greece and potentially other European countries.

The long-term PPA with Axpo Solutions AG provides a stable revenue stream, reducing financial risks associated with the project. This model could attract more private investment into the renewable energy sector, potentially leading to accelerated growth and improved profitability for companies like Ameresco.

Investors should note that this project showcases Ameresco's ability to execute complex, innovative projects in challenging terrains, potentially enhancing its competitive position in the global renewable energy market. The successful completion of this project could lead to increased investor confidence and potential stock price appreciation.

Energy Policy Expert

The Delfini project's success without Greek government subsidies marks a pivotal shift in energy policy implementation. It demonstrates that renewable energy can be economically viable on its own merits, potentially reducing the need for government support and easing the burden on public finances.

This project could serve as a catalyst for policy changes, encouraging more market-driven approaches to renewable energy development. It may prompt policymakers to reconsider existing subsidy schemes and focus on creating favorable regulatory environments for private PPAs and innovative financing mechanisms.

The utilization of the Next Generation EU Recovery and Resilience Facility also highlights the importance of broader EU-level support in driving the energy transition. This could lead to increased collaboration between national and EU-level policies, potentially accelerating the pace of renewable energy adoption across Europe.

This project marks the first Greek solar project to utilize a private power purchase agreement without relying on Greek government subsidies for electricity costs

FRAMINGHAM, Mass. & ATHENS, Greece--(BUSINESS WIRE)-- Ameresco Sunel Energy SA has today announced that Delfini, 100 MWp solar photovoltaic (PV) project in Greece, has reached commercial operation. Ameresco Sunel Energy SA, a joint venture company established in Greece between Sunel Group and Ameresco, Inc., was selected by Cero Generation, a leading European solar energy developer, to manage the Engineering, Procurement and Construction (EPC) of the solar project.

The Delfini project is underpinned by a long-term private power purchase agreement (PPA) with Axpo Solutions AG, making it the first such project in the country not to leverage Greek government subsidies on electricity costs. Delfini is also the first renewable project in Greece to have benefited from the Next Generation EU Recovery and Resilience Facility.

The project has been built on the side of a mountain and connects a 2.5 km 33 Kv MV (medium voltage) line to a 33/150 Kv HV (high voltage) substation (110 MVA Trafo). It includes a 10 km network of overhead lines, consisting of 29 overhead line towers connecting the project to the grid network. It is designed to generate 157 GWh of electricity annually, equivalent to powering 58,140 homes and avoiding 65,300 tonnes of CO2e emissions.

“We’re delighted to see our Delfini project reach commercial operation, producing cleaner, cheaper, and more secure energy for the Drama region” said Marta Martinez Queimadelos, CEO of Cero Generation. “I am very proud of the vision, tenacity, and engineering excellence that the Cero team has deployed in order to bring this complex and ambitious project into operation. This is a landmark project in Greece, and the PPA with Axpo demonstrates that renewable energy projects can be built without the need for government subsidies. We hope this will demonstrate the commercial viability of many other Greek solar PV projects.”

"It is a privilege to be at the forefront of creating a greener, cleaner future for Greece. With the Delfini Solar project now fully operational, Ameresco has achieved a significant feat of engineering by building a solar project on the side of mountainous terrain and connecting it to the national electricity grid," said George Sakellaris, CEO of Ameresco. "This project not only paves the way for future agreements that promise economic and environmental advancements, but also demonstrates our commitment to fostering a sustainable future."

"The Delfini project exemplifies our dedication to innovation and sustainability, while directly benefiting the local community” stated Konstantinos Zygouras, CEO of Sunel Group. “By delivering more affordable energy to the grid, Delfini will play a crucial role in reducing costs for consumers. This project sets a new benchmark in the renewable energy sector, and we are proud to lead the way in creating sustainable energy solutions."

To learn more about Ameresco, visit www.ameresco.com/.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes solutions that help customers reduce costs, decarbonize to net zero, and build energy resiliency while leveraging smart, connected technologies. From implementing energy efficiency and infrastructure upgrades to developing, constructing, and operating distributed energy resources – we are a trusted sustainability partner. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.

About SUNEL Group

SUNEL Group is an international EPC contractor and Developer. Founded in 2006 by Greek stakeholders, the group has won the trust of the international investment community by its professionalism, reliability, efficiency, and work ethic, thus creating a strong and recognizable brand. Since 2012, Sunel has been rapidly expanding, by establishing operational centers in Athens, London, Valencia, Dubai and Istanbul. It has operated on 4 continents and has implemented to date 500+ projects, with a total capacity of over 1,000 MWp in Greece, Cyprus, Turkey, United Kingdom, France, Spain, the Ukraine and the United Arab Emirates. It is currently constructing projects in Greece, Cyprus, Denmark, Spain, United Kingdom, Malawi and Chile, of a total capacity exceeding 1.400 MWp. For the next 5 years SUNEL is planning to develop solar projects of over 2.000 MWp, in cooperation with strategic investors. For more information, visit www.sunelgroup.com.

About Cero Generation

Cero Generation is a leading specialist in solar energy development, production, and storage, accelerating the delivery of a net-zero future across Europe. Powered by an experienced team that brings world-class industry, commercial, engineering, and environmental expertise to its projects, Cero is active through every stage of the lifecycle, from planning and construction to operation. It works closely with local development partners, suppliers, and stakeholders to deliver high-impact projects that positively benefit the environment and community. Cero Generation is a Macquarie Asset Management portfolio company, operating on a stand-alone basis. www.cerogeneration.com

The announcement of completion of a customer’s project is not necessarily indicative of the timing or amount of revenue from such contract, of Ameresco’s overall revenue for any particular period or of trends in Ameresco’s overall total project backlog. Ameresco’s share of this project was included in Ameresco’s previously reported contracted backlog as of June 30, 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240903065616/en/

Media:

Ameresco: Leila Dillon, 508-661-2264, news@ameresco.com

Source: Ameresco, Inc.

FAQ

What is the capacity of the Delfini solar project in Greece?

The Delfini solar project in Greece has a capacity of 100 MWp (megawatt peak).

Who developed the Delfini solar project (AMRC)?

The Delfini solar project was developed by Cero Generation, with Ameresco Sunel Energy SA managing the Engineering, Procurement and Construction (EPC).

How much electricity is the Delfini project expected to generate annually?

The Delfini project is designed to generate 157 GWh of electricity annually.

What makes the Delfini project unique in the Greek renewable energy sector?

The Delfini project is the first Greek solar project to utilize a private power purchase agreement without relying on government subsidies for electricity costs.