Greece’s Energy Minister George Papaconstantinou said he expects an agreement by the end of the year that will advance a 20 billion-euro ($27 billion) solar power project, part of an initiative to boost the economy.

Papaconstantinou said he plans to sign a pact with European Union officials and renewable energy companies that will help deliver Project Helios, named after the Greek god of the sun, which envisions luring foreign investors to install as many as 10 gigawatts of solar panels in Greece.

“I have spoken with three German ministers now on the project as well as with the EU, and I’m optimistic we can get a framework agreement by the end of the year,” Greek Energy Minister Papaconstantinou said in an interview in Athens Friday.

His remarks during a trip by German Economy Minister Philipp Roesler are part of a plan to revive the Greek economy, which may shrink more than 5 percent in 2011 as the government slashes spending to avoid a default on its bonds. (Bloomberg)