Israel’s Econergy Renewable Energy (ECNR.TA) has partnered with Greece’s Terna Energy (TENr.AT) to develop 460 megawatts (MW) of solar plants in Greece, it said on Monday.

Econergy will acquire 49 per cent of the share capital in Terna Energy which is developing two solar plants with capacity of 240 MW and 220 MW, respectively, in the Kilkis region of Greece.

The total investment for the construction of the projects is estimated at 265 million euros ($285 million), of which Econergy’s share is around 130 million euros.

Econergy said the projects should be ready to begin construction in the fourth quarter of 2023, with completion expected at the end of 2024.

The Greek electricity market has the potential for significant growth in the coming years, due to its long-term tariff tenders, the possibility of selling electricity on the free market at attractive prices, and relatively high solar radiation, Econergy added.