PPC Renewables SA, a unit of Public Power Corp SA, has canceled plans for a contract with J&P Avax SA after funds were not secured for the construction of two photovoltaic stations in Megalopoli in the Peloponnese.
“Due to the current economic situation and the fact that the necessary funding could not be secured, PPC Renewables decided not to proceed with the signing of the contract concerning the construction” of the 39-megawatt and 11 MW stations, PPC said in an Athens bourse filing on Tuesday.
PPC Renewables will look at alternative ways to finance the construction, the company added.