SUBSCRIBE
PROFILE

Magoula, Valorem’s first wind farm in Greece

Magoula, an onshore wind farm, is Valorem's first installation in Greece with financing raised from Alpha Bank.

Share:

Subscribe for unlimited access to all the latest energy sector news.

Over 150 multisector articles and analyses every week.

For less than €3/week*

*For an annual commitment

*Engagement annuel à seulement 99 € (au lieu de 149 €), offre valable jusqu'au 30/07/2025 minuit.

SUBSCRIBE

Magoula, an onshore wind farm, is Valorem’s first installation in Greece with financing raised from Alpha Bank.

A first project

Magoula is located on Mount Askio, northwest of the town of Kozani, in northern Greece. The wind farm built by Valorem will be located at an altitude of 1700 meters. The project includes 6 wind turbines, VestasV150of 4.5MW and will have a grid connection via the substation of Gratsiani.

The Magoula wind farm will provide an estimated annual production of 71GWh. Thus, it represents the equivalent of the electricity consumption of 18,000 households. Construction will begin at the end of 2022 with commissioning scheduled for the first quarter of 2024.

Valorem receives financing from Alpha Bank for the construction of Magoula. The company intends to invest a total of €40 million. In addition, the park will be managed by Valrea, a subsidiary of Valorem.

A partnership of companies

Air Energy will be in charge of the construction, Valorem will be in charge of the asset management, Vestas will be in charge of the operation and maintenance of Magoula. Philippe Tavernier, Executive Vice President of the Valorem Group, said:

“We want to expand our presence outside of France and support Europe to accelerate the energy transition, secure affordable green electricity supply and achieve energy autonomy. In line with our strong business strategy, we are developing since 2019 in Greece a mixed portfolio of photovoltaic and wind renewable energy projects. Greece is a key market for Valorem and we are delighted that our expansion there is supported by Alpha Bank, our financial partner.”

In addition, the financing with Alpha Bank amounts to €31 million.

Thomas Stavrou, Greece Director of Ren Valorem Hellas, says:

“After three years of operation in Greece, we are very pleased to see that Valorem has gained the confidence of the market and the country. Greece still has an untapped potential for renewable energy, mainly from wind and solar, which makes us optimistic about decarbonization and achieving its environmental goals. Green electricity, in addition to being beneficial to the environment, is a fundamental driver of economic growth due to its low cost. We are very pleased to be able to support the country’s sustainable development through our renewable energy projects.”

Valorem currently has a portfolio of approximately 700MW of renewable energy. The Magoula project will enable the company to become a leading European independent power producer.

Valorem is a French independent producer in the renewable energy sector. The company is notably present in Colombia, Greece and Poland. The company has a portfolio of 5.5GW of projects under development.

  • Popular on energynews.pro
Ukrainian Arrested in Italy for Alleged Role in Nord Stream Sabotage
Moretti expected to chair Petrobras board with ministerial backing
Sinopec Shanghai Posts Half-Year Loss Amid Declining Petrochemical Demand
Sempra and ConocoPhillips Strengthen Partnership on Port Arthur LNG Phase 2
The U.S. Department of Energy Extends Operations of a Coal Plant in the Midwest
RWE adds 34.2 MW of wind power on a former mining site in Aldenhoven
Six turbines installed by RWE on recultivated land near the Inden mine will supply electricity to around 24,000 households, while two new units are already planned.
Buchan Offshore Wind submits permit applications for a 1GW floating wind farm
Buchan Offshore Wind has submitted its marine consent applications to the Scottish authorities for a large-scale floating wind project, marking a strategic step in energy development in northeast Scotland.
VSB recommissions the Elster wind farm with 105.6 MW of installed capacity
The VSB Group has completed the repowering of the Elster wind farm in Germany, replacing 50 turbines with 16 new Siemens Gamesa machines, increasing the total capacity from 30 to 105.6 megawatts.
Montenegro: The EBRD Injects €26 Million to Expand the Gvozd Wind Farm
The EBRD’s additional financing will raise the capacity of the Gvozd wind farm to 75 MW, making it the largest in the country. This project, led by EPCG, marks a key industrial milestone in Montenegro’s energy sector.
Moscow develops Arctic turbines for the Northern Sea Route
The Russian Ministry of Industry and Trade is announcing "Arctic configuration" wind generators to power infrastructure on the Northern Sea Route, without listing any companies at this stage, with the stated aim of technological sovereignty.
Vestas maintains annual targets despite 44% drop in orders
The Danish turbine manufacturer posted a 14% increase in quarterly revenue, despite a sharp drop in order intake and negative cash flow.
Eurowind secures approval for two 86.4 MW wind projects in Germany
German authorities have approved two onshore wind projects totalling more than 86 MW, with commissioning planned from 2027.
Ørsted launches DKK60 bn capital increase with Danish state backing
Ørsted strengthens its financial structure with a rights issue backed by the state, following the failed partial sale of the US Sunrise Wind project.
Forestalia signs 10-year contract with Galp to refinance wind farm
Forestalia has signed a ten-year power purchase agreement with Galp Energia Espana to refinance a 42.7 MW wind farm in Aragon, securing stable revenues through coverage of 65% of its annual production.
Encavis AG acquires a 34 MW wind farm from PNE AG in North Rhine-Westphalia
Encavis AG continues its growth in Germany with the acquisition of a 34-megawatt wind project in Sundern-Allendorf, sold by PNE AG and secured by a twenty-year feed-in tariff.
Iberdrola receives the final Windar monopiles for its Windanker offshore wind farm
The last monopiles manufactured by Navantia Seanergies and Windar Renovables have been delivered to Iberdrola for the Windanker offshore project, marking a major milestone for the European XXL offshore wind component manufacturing industry.
Envision Energy validates reliability of its two-blade wind turbine with 500 days of stable operation
Envision Energy's two-blade prototype has now reached over 500 days of continuous operation, achieving a 99.3% availability rate and confirming its potential compared to industrial standards.
RWE secures four maintenance vessels to support its offshore wind fleet in Europe
RWE signs long-term agreements with North Star for four new service vessels, strengthening maintenance of its offshore wind farms in the United Kingdom and Germany amid a tight market for specialised maritime capacities.
AMEA Power launches Agadir desalination plant expansion with 150 MW wind farm
AMEA Power partners with Cox for the second phase of the Agadir desalination plant, set to reach 400,000 m³/day with power supplied by a 150 MW wind farm in Laayoune.
The 2 GW Northern Luzon floating wind project reaches key milestone in the Philippines
Buhawind Energy Northern Luzon Corporation secures grid connection study approval, bringing the launch of one of Southeast Asia’s largest offshore wind projects closer.
France secures EUR 11bn for three floating wind farms with European approval
France receives approval from the European Commission for a major public financing of EUR 11bn aimed at three floating wind projects totalling 1.5 GW, with a framework strengthening the national industry.
TotalEnergies and RWE launch the 15 MW Vilpion wind farm in Aisne
The new Vilpion onshore wind farm, led by TotalEnergies and RWE in Aisne, has a capacity of 15 megawatts and marks a milestone for the renewable energy industry in France.
Koehler and CMB Energy launch KB Renewables to target 1GW wind by 2030
Koehler Renewable Energy and CMB Energy formalise a joint venture to develop, operate and acquire wind farms targeting one gigawatt of installed capacity by 2030, with potential expansion into solar and storage.
Gentari signs 80 MW wind power purchase agreement with AWS in India
Gentari and Amazon Web Services have entered into an 80 MW power purchase agreement in India, marking a major step for large-scale wind energy development in the region.
BOEM Abandons Five-Year Schedule to Increase Flexibility in Offshore Wind Auctions
Washington removes regulatory requirement mandating biennial publication of five-year schedule for offshore renewable energy auctions, offering increased flexibility to Interior Secretary.
Consent Preferences