RWE’s and PPC’s joint venture company Meton Energy has taken the final investment decision for the construction of an additional photovoltaic project in Greece. This solar farm is the last project of the 940 megawatt-peaks (MWp) Amynteo portfolio, which is now entering the construction phase. In addition, the joint venture between RWE Renewables Europe & Australia (51 per cent) and PPC Renewables (49 per cent) is developing a solar project pipeline of similar size in Greece.
The new solar farm Orycheio Dei Amynteo with a total capacity of around 450 MWp is located in Western Macedonia in Northern Greece, within the boundaries of the former Amynteo open pit lignite mine. Construction work is scheduled to start in the coming months with commissioning expected by the end of 2025.
The project company Meton Energy has signed 10-year bilateral Power Purchase Agreements (PPA) with PPC and RWE Supply & Trading, which will purchase the green electricity produced by the new solar farm.
For the 255.4 million euros investment in Orycheio Dei Amynteo, 127.7 million euros of European Union – NextGenerationEU funds have been secured via the Recovery and Resilience Facility (RRF) plan Greece 2.0. The remaining amount is being financed through a 76.6 million euro commercial debt financing to be provided pro-rata on a club-deal basis by Alpha Bank, Eurobank and National Bank of Greece, as well as shareholders’ equity of 51.1 million euros. The financing is subject to financial close.
“In partnership with PPC Renewables, we are accelerating the energy transition in Greece. Construction work on our first eight solar farms is well underway. With our latest investment decision, we have prepared the ground for an additional 450-megawatt photovoltaic plant – RWE’s largest solar project under construction to date,” commented Katja Wünschel, CEO of RWE Renewables Europe & Australia. “This underpins our strong commitment to the Greek market with nearly one gigawatt of solar capacity under construction and large-scale solar projects of similar size under development.”
“We are pleased to announce the final investment decision for yet another significant solar project in Greece, marking a crucial step forward in our commitment to sustainable clean energy,” added Konstantinos Mavros, CEO of PPC Renewables. “The collaboration between PPC Renewables and RWE Renewables Europe & Australia under Meton Energy underscores our shared dedication to fostering Greece’s energy transition. By accelerating the development of our solar projects with a combined capacity of nearly one gigawatt, we are actively contributing to the country’s renewable energy goals. This venture is a testament to the strength of our partnership and our unwavering focus on creating a cleaner, more sustainable energy future for Greece.”