Ashtrom renewable energy, an Israeli renewable energy company, signed an agreement with a local company in Greece to develop a 476MW solar energy project pipeline. The company initially plans to develop five solar projects, which may require an investment of 335 million euros to 380 million euros. The agreement also includes a mechanism to give most consideration to development partners according to the development progress. This will be paid at the advanced development stage once the partner has obtained approval to connect the project to the grid.

Yitsik Marmelshtein, CEO of Ashtrom Renewables, said that Ashtrom's entry into the Greek energy market was in line with its strategy of expanding its renewable energy business to other countries after entering the United States and Poland. We estimate that compared with other European countries, the Greek market is characterized by faster growth, high electricity prices and good solar radiation conditions. In the near future, the Greek market will become an important growth opportunity for Ashtrom's renewable energy.

We intend to take further steps to develop more renewable energy projects to establish business in the United States, Israel, Poland and Greece, where we have carried out large projects with a total installed capacity of 1.5GW.

The agreement also gives Ashtrom Renewables the option to acquire other projects owned by its Greek partners, which are currently in the late stages of development. The Greek company said it expects the projects to get construction permits next year. Ashtrom Renewables, a subsidiary of Ashtrom Group, operates in several major geographic markets, with a focus on the United States and Europe. The total capacity of the company at all stages of development is 1.5GW.Editor/Xing Wentao