ContourGlobal, owned by KKR, enters Greece through solar and battery acquisitions
KKR's energy group ContourGlobal announced on Friday that it has entered the Greek renewables markets?with a portfolio of solar plants? and 500 megawatts of?battery -energy storage? projects.
The agreement includes 26 solar plants that will generate approximately 51 gigawatt-hours (GWh) of electricity per year, enough to power 15,000 Greek homes for an entire year.
Quest Energy, part of Quest Holdings, owned the assets.
ContourGlobal announced that it also acquired full ownership of six battery storage projects via two transactions with Spain’s FRV, and Greek developer Zephiros. The first 100MW of storage capacity will be ready by the start of next year.
"Entering into the Greek market represents a further step towards ContourGlobal becoming a leading independent energy producer in renewables, and energy storage," said CEO Antonio Cammisecra. He cited the growing demand for large-scale assets in the country.
Greece has 24 GW installed capacity and is moving away from gas, lignite and a lot of other fossil fuels towards renewable energy sources.
The Greek government expects renewable energy to provide nearly 70% of its power by 2030. This will increase the demand for flexible storage, as it aims to be a net exporter of electricity from 2026.
ContourGlobal was founded in 2005, listed in London in 2017 and became 100% owned by KKR U.S. Fund in 2022. (Reporting and editing by Gavin Jones, Francesca Landini)
(source: Reuters)
