At the beginning of 2021, the venture capital fund Green Investment Group (GIG), owned by Australian multinational Macquarie, announced the creation of Cero Generation to develop PV and storage projects in Europe.
Now, Cero Development Hellas has secured approval from the Greek Energy, Waste and Water Regulatory Authority (SAR) to modify its producer certificate for a 370 MW solar project, which obtained environmental approval in 2022. The modification adds battery energy storage to the future Dristello power plant, which is under construction in the municipalities of Domokos and Stylida, in the regional unit of Fthiotida, in central Greece.
The battery energy storage system at the Dristello solar park will inject electricity into the grid, but will not be able to receive it. The planned nominal capacity is 749 MWh and the depth of discharge will be 711 MWh, which translates into a nominal battery availability of 95%.
Cero Development is also building a 100 MW solar park in Prosotsani, Drama, northeastern Greece. The Delphini project, valued at €60 million ($64.7 million), is covered by a long-term power purchase agreement (PPA).
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It is also planning a 269 MW photovoltaic project with 269 MW/406 MWh of battery storage in Malandrino, in the municipality of Dorida, in Phocis, as well as 110 MW and 250 MW projects in Thessaly.
Macquarie Asset Management acquired a 50% stake at the end of 2023 in Enel Green Power Hellas (EGPH), part of Italy's Enel Group, for the development of renewable projects in Greece. The companies agreed to take joint control of EGPH to manage the company's renewable generation portfolio and continue developing its projects.
Macquarie Asset Management also acquired a 49% stake in the Hellenic Electricity Distribution Network Operator (HEDNO) in 2022. And in 2021, Greek Wattcrop joined Cero Generation to support the development of its Greek solar portfolio. They plan to develop 750 MW of capacity by 2025.
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