Innovative, Multi-Phase Plan to Export Greece’s Solar Resources to Help Achieve European Union Renewable Energy Targets and Spur Economic Growth.
Guggenheim Partners (“Guggenheim”), a global diversified financial services firm, announced today that it has been appointed by the Hellenic Republic to serve as strategic and financial advisor, alongside the National Bank of Greece, on the financing, structuring, and staged deployment of Helios, a European renewable energy project based in Greece.
Helios is an innovative, multi-phase solar energy project that aims at producing and exporting up to 10 gigawatts (GW) of photovoltaic power by 2020. Initially, Helios will be launched with a target capacity of up to 2 GW, before increasing in subsequent phases in association with the further development of European transmission infrastructure. When developed in concert with European partners, Helios aims to provide European Union (EU) consumers with cost effective renewable energy derived from a highly efficient source.
Helios will also spur economic growth and contribute to fiscal sustainability in Greece. As noted in the final statement of the Eurozone Leaders’ Summit on European debt on 26 October 2011, the Greek government intends to commit revenue from Helios toward reducing indebtedness. In this regard, Helios represents an innovative step toward achieving European goals for renewable energy, while also stimulating economic recovery in Greece.
“The promotion of electricity from renewable energy sources is a high European Union priority,” said George Papaconstantinou, Minister of the Environment, Energy and Climate Change for the Hellenic Republic. “Implementation of solar energy projects like Helios promotes security and diversification of energy supply, protects the environment, and contributes to the long-term social and economic cohesion of the EU.”
“Guggenheim has been actively working with Minister Papaconstantinou and his team to highlight to Greek and European leaders the substantial benefits of this project. 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,” said Todd Boehly, president of Guggenheim Partners. “We are excited to partner with the Greek government on a project that combines transformative vision with sound economic principles.”
“We are proud to support such an important development for Europe,” stated Alan Schwartz, executive chairman of Guggenheim Partners. “Helios will create jobs, spur economic development, and contribute to achieving EU renewable energy goals. We look forward to applying our experience working on complex, industry-shaping projects to help Helios achieve its goal of practical, phased implementation.”
About Guggenheim Partners
Guggenheim Partners is a privately held global financial services firm with more than $125 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients across North America, Europe and Asia from more than 25 offices in 10 countries. For more information about Guggenheim Partners, visit www.guggenheimpartners.com.
Named after the Greek god of the sun, Helios is an innovative, multi-phase solar energy project. Helios aims at producing and exporting up to 10 gigawatts (GW) of photovoltaic power by 2020. Initially, Helios will be launched with a target capacity of up to 2 GW, before increasing in subsequent phases in association with the further development of European transmission infrastructure. Helios will be developed in concert with European partners and is closely aligned with the Europe 2020 Growth Strategy and “20/20/20” targets for renewable energy. Primary benefits of Helios include: i) Providing European Union consumers with cost effective renewable energy; ii) Stimulating economic recovery in Greece; and iii) Contributing to the long-term social and economic cohesion of the European Union.
Thomas S. Mulligan
Sitrick And Company
Sitrick And Company