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.
