PPC (Public Power Corporation) Renewables S.A. and S&B Industrial Minerals S.A. (S&B) announce their decision to sign a Memorandum of Understanding (MOU), with the ultimate purpose to jointly explore, operate, and utilize the geothermal field of the Milos, Kimolos, Polyaigos island complex. The MOU provides for an economic and technical study to evaluate the specific geothermal field, as well as the preparation of a long-term business plan for its exploitation that will consider all factors involved in such an activity. The final decisions regarding the realization of the project, and the partnership terms between the two companies, will be determined when all the above have been completed.
Greece is rich in geothermal resources, the Milos field being the most significant one. Its exploitation will provide for the production of "clean" electrical energy and will contribute to the worldwide effort against global warming, while also helping Greece to increase the use of Renewable Sources of Energy and meet the targets set by the European Union. Direct benefits for the country include the reduction of fossil fuel imports and of greenhouse gas emissions.
At local level, the exploitation of the geothermal field will create the proper infrastructure for a dynamic development of other activities as well, besides power generation, such as more efficient heating and cooling systems for housing and hotels, greenhouse cultivations, residential wastewater management etc. Moreover, it will contribute to the prolongation of the Milos tourist season with the operation of spas etc. The use of state-of-the-art technology and know-how will guarantee a successful implementation, safe and friendly for people and the environment, and beneficial for the local community.
The collaborating parties consider the acceptance by the local community as a prerequisite for exploiting the Milos geothermal field. Through an open, transparent and honest consultation, the Milos local community will have the opportunity to learn and evaluate the many and important benefits that can arise from the exploitation of the island s geothermal field. PPC Renewables S.A is a subsidiary of PPC S.A., the largest power generator in Greece. It owns the Milos geothermal field rights and is interested in the dynamic development of the country s geothermal potential through new business approaches and state-of-the-art technologies.
S&B Industrial Minerals S.A. is one of the largest and oldest Greek minerals companies, with deep know-how in the extraction industry and well developed activity on Milos, as well as a long history of cooperation with, and social contribution to, the island s local community. On this basis, S&B believes it can have an active role in the Milos geothermal field development, which requires know-how similar to that which the company already holds in its current operations.
The two companies decided to initiate this cooperation based on the technological developments that have rendered the exploitation of geothermal resources safe for people and friendly to the environment, as well as on the accumulated very positive experience of other countries. Both believe that the exploitation of this renewable energy source will contribute to the global effort for preserving the earth s climate, while, at the same time, yielding energy, environmental, financial and social benefits to the Milos local community, and to the country at large as well.