Greek state-controlled utility Public Power Corp. (PPC) aims to become a major player in the rising data center and artificial intelligence market.

PPC (or, in Greek, Admie), announced its 2024 annual results. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 41% to EUR 1.8 billion, while renewable energy capacity reached 6.2 GW. At the same time, green projects with a total capacity of 3.7 GW are at a mature level of development.

“We have raised our investments to EUR 3 billion with a focus on renewable energy, in order to become a leading powertech group,” said chairman and CEO George Stassis.

First data center to have 300 MW in capacity

PPC’s management also unveiled a grand plan to develop data centers in its former lignite mines in Western Macedonia. It is a EUR 5 billion project that envisages the installation of a large data center of 300 MW as a first step. If conditions are favorable, it could be upgraded to 1 GW.

The group has variuos other energy investments planned in its depleted open pit lignite mines. It aims to put an end to coal use by 2026, as the last plant, Ptolemaida 5, would be subsequently converted to a natural gas facility with a capacity of 350 MW. The new asset would also be able to burn hydrogen, the company said.

Furthermore, PPC is developing 1.3 GW of photovoltaics in the mines of Amyndaio and Ptolemaida, as well as 300 MW of battery energy storage systems, plus two pumped storage hydropower projects of 320 MW and 240 MW, respectively.

The new units would supply the data centers, with PPC positioning itself on both ends of the value chain to maximize profits.

PPC is in talks with potential partners for its first data center, Stassis added. The cost per megawatt is estimated at EUR 7 million to EUR 8 million, which is lower than in other European regions, he claimed.