EQTEC has signed an agreement for the proposed acquisition of a 5 MWe project in Greece.
The agreement concerns a project in Drama, north-eastern Greece, and was made through the recently established EQTEC Synergy Projects, a joint venture (JV) between EQTEC and its Greek strategic partners, German EPC company ewerGy (operating in Greece via its local partner, ECO Hellas M IKE).
Once acquired, the JV will lead the development of a new biomass-to-energy plant, generating 5 MW of green electricity and up to 8 MW of thermal output from around 35,000 tonnes locally, sustainably sourced forestry waste. Due diligence, including financial and technical feasibility, has been completed.
The project is considered of public interest due to its location in one of the coldest regions in Greece: Nevrokopi, where temperatures have reached -30 and there is no established infrastructure of heating networks. The project will also bring local employment to the region, which has ‘particularly high’ unemployment.
The acquisition involves all the associated assets of the Drama project, including all rights and permits required for project development, build and operation, as well as biomass feedstock agreements.
“I am very pleased that our JV in Greece is gaining further momentum with the intended acquisition of this project in Drama, after last month signing an agreement securing two agriculture waste-to-energy projects in Livadia,” said David Palumbo, CEO of EQTEC.
“All of our projects in our Greek pipeline, now totalling five and with strong potential for more, will help local farmers and forestry managers to use the waste they produce in a way that supports a circular economy and is beneficial for the environment and local communities.
“This will be considered a project of public interest as it addresses two critical local requirements: heating and employment. Through this project, we are continuing to extend the research of and apply our advanced gasification technology in the EU, demonstrating strong demand in this market for the more sustainable approach to waste-to-energy that EQTEC can deliver.”