Guggenheim Partners appointed financial advisor to Greece's Project Helios

The company will work alongside the National Bank of Greece on the "financing, structuring, and staged deployment of Helios".

In a statement released, it went on to say that the solar project, to be the biggest of its kind worldwide when complete, will be executed across several stages, the first of which will comprise two GW. Overall, the 10 GW goal is scheduled to be achieved by 2020. The subsequent phases will be brought online in association with the further development of European transmission infrastructure, said Guggenheim Partners.

A spokesperson for the firm additionally told pv magazine, that there is already capacity on the transport network to export up to two GW of energy. It has not been determined, however, if those two GW will be built in one go, or also implemented over a number of different phases.

They added that discussions are underway with potential investors and buyers. The same is also true for contractors. While no specific plans have yet been made, the spokesperson did say that the primary aim of Project Helios is to export the solar electricity generated, as opposed to using it for the domestic market. It is hoped that negotiations are concluded this year, in order for work to commence.

As reported last week, George Papaconstantinou, Minister of Environment, Energy and Climate Change of the Hellenic Republic, provided an update on the solar project. Under the progress made to date, various land parcels have been identified for development and, in order to carry out management and administration tasks of the project, Helios S.A. has been established.

"Helios is more than an innovative energy solution – it represents a significant step in Greece’s economic recovery that also helps accomplish many broader European goals," stated Todd Boehly, president of Guggenheim Partners.