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ABO Wind builds Greek solar parks and sells project rights in Spain and Argentina
- Successful market entry in Greece with five advanced solar projects
- Project rights and option rights sold in Argentina (330 megawatts) and Spain (137 megawatts)
- Internationalisation and diversification progressing according to plan
(Wiesbaden, December 5th, 2019) The Wiesbaden-based renewable energy specialist ABO Wind reports further successes in the international project business. ABO Wind had already won tariffs for five ready-to-build photovoltaic projects with a total of 45 megawatts in a tender issued by the Greek energy regulatory authority RAE in the summer. The projects are located in the Thessaly region in Central Greece and in the Thrace region in Northern Greece. Preliminary work on the projects is well advanced and construction to be completed next year. The secured tariff for each project amounted to just under 6.3 cents/kWh.
85 percent of Greek solar tender secured
"We are delighted with this success," says Panagiotis Sarris, ABO Wind’s General Manager in charge of International Project and Business Development. "The Greek market for photovoltaics had collapsed in recent years due to the financial crisis. For us, this was an opportunity to enter the market anticyclically. The result of the tender is the reward for months of review and preparation of the projects. We have been particularly successful in entering the Greek market," says Sarris.
RAE had tendered for a volume of 53 megawatts of solar projects with a capacity of at least one megawatt in July. ABO Wind thus secured 85 percent of the tender in this category. ABO Wind did not participate in the other two categories for wind and smaller solar projects. The project developer has been active in Greece since 2017 and founded the Greek subsidiary ABO Wind Hellas S.A. in Athens at the beginning of 2018.
Projects ready for construction and option rights sold in Spain and Argentina
In Spain, ABO Wind succeeded in selling two wind energy projects with a total capacity of 70 megawatts prior to their construction. Investors have acquired purchase options for two further projects ready for building with a total of 67 megawatts. The buyers had previously secured tariffs in Spanish tenders. In Spain, it is possible to enter the renewable energy tenders without a specific project. Depending on whether the investors will actually construct the projects, the project rights will be transferred in full to them at a later point, or otherwise be returned to ABO Wind.
This model has also proven its worth in Argentina: ABO Wind recently sold option rights for three large wind energy projects with a total capacity of 330 megawatts. The investors can now participate in the coming tender rounds or agree private power purchase agreements.
"At this stage, the value per megawatt is lower than that of a turnkey wind farm," explains Klaus Pötter, ABO Wind's General Manager responsible for Argentina. "For us, such sales are a good opportunity to reduce our business risk and stabilise our revenues. Some buyers subsequently commission us with engineering and construction services so that we can continue to support the projects," says Pötter.
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