The Investment
Amazon has signed four Power Purchase Agreements (PPAs), covering three renewable energy projects. Specifically, two agreements pertain to the Vermio Wind Farm in western and central Macedonia, while the other two involve wind farms in Mesokorfi and Koukouras in the Peloponnese.
Construction of the wind farms is underway and they are expected to be fully operational by 2026. Once completed, the energy generated will be fed directly into the main grid and are expected to cover Amazon’s operational needs and produce enough clean energy to power 200,000 Greek households annually and support local businesses, public entities, and households.
The project is being developed by Aer Soleir, a developer of utility scale onshore wind, solar PV and battery storage in select European markets, headquartered in London.
Meanwhile, the total investment, which exceeds $1 billion, is co-financed by the National Bank of Greece and the Recovery and Resilience Fund.
Vassilis Karamouzis, General Manager of Corporate and Investment Banking at the National Bank of Greece, said at the event: “Accelerating Greece’s energy transition and attracting foreign direct investments are key priorities for our bank. We are proud to be the exclusive partner for Aer Soléir in the largest renewable energy agreement Amazon has undertaken in Greece.”
Amazon & Greece’s Climate Goals
The project is considered to be aligned with Amazon’s “Climate Pledge” to achieve net-zero carbon emissions by 2040, and Greece’s National Energy and Climate Plan, which aims to generate over 80% of the country’s electricity from renewable sources by 2030, says AMNA.
With 48% of Greece’s energy production currently based on fossil fuels, and the growing use of fossil gas in the country, the new wind farms are expected to help reduce carbon emissions and support Greece’s clean energy transition, adds AMNA.
“These three new wind farms in Greece represent a major milestone in our clean energy investment activities across Europe,” said Lindsay McQuade, Director of Energy for EMEA at Amazon Web Services (AWS). “With more than 180 wind and solar projects in over a dozen European countries, we are committed to advancing the clean energy transition for both our operational needs and local communities,” she added.
Minister Skylakakis highlighted the broader economic and strategic benefits of the investment: “This landmark $1 billion investment, which is well underway and expected to be completed within the next two years, demonstrates how clean energy drives future development. It reinforces Greece’s energy independence and transitions the economy to one that produces abundant, affordable, and clean energy.”
Aer Soléir’s CEO, Andy Kinsella, expressed the company’s dedication to Greece’s green energy transition: “Since our founding in 2021, we have been committed to advancing renewable energy goals in Greece. Supported by our investors and local partners, we are investing over €500 million in wind energy projects across the country.”
