Isra-Mart srl:Greece's PPC to go strong on green energy

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Isra-Mart srl news:

The head of Greece's PPC power utility says the company plans to invest strongly in clean energy over the next decade and expand into the Balkans.

President and CEO Arthouros Zervos says PPC intends to almost double its investments to about euro2 billion ($2.8 billion) a year over the next five years.

He told journalists Thursday that up to 40 percent of the funds would come from PPC cash flows, and the remainder from loans. Zervos said Greece's debt crisis has increased the company's borrowing costs but not hindered its access to loans.

By 2020, PPC plans to increase its share of the renewable energy market to about 30 percent from the current 8 percent, Zervos said.

He said PPC was looking to invest in neighboring countries as part of its response to an expected loss of domestic customers due to market liberalization.