RWE Partners with PPC on 280 MW Solar Projects in Greece

RWE and PPC have joined hands to accelerate the Greek energy transition. Through their joint venture, Meton Energy S.A., RWE Renewables Europe & Australia (holding a 51% share) and PPC Renewables (holding a 49% share) have decided to undertake the construction of an additional portfolio comprising three photovoltaic projects, known as Amynteo Cluster II.

Situated in Western Macedonia, Northern Greece,  the three solar farms have a  combined capacity of approximately 280 MWp (259 MWac). Construction is set to commence this autumn, and all three projects of Amynteo Cluster II are expected to be fully operational by the end of 2024. Additionally, RWE and PPC are already engaged in the construction of five large-scale solar projects, collectively known as Amynteo Cluster I, in the same region, contributing a total capacity of 210 MWp (175 MWac).

Meton Energy S.A., through its respective project companies, has successfully entered into 15-year bilateral Power Purchase Agreements (PPAs) with PPC for the procurement of green electricity generated by the three newly established solar farms. To fund the €196 million investment required for the development of Amynteo Cluster II, €98 million has been secured from the European Union – NextGenerationEU funds under the Recovery and Resilience Facility (RRF) plan “Greece 2.0”. The remaining financing will come from a €59 million commercial debt co-financing provided by Alpha Bank S.A., Eurobank S.A., and National Bank of Greece S.A., along with shareholders’ equity amounting to €39 million. 

Meton Energy S.A. is also actively engaged in the development of large-scale solar projects in Greece, collectively amounting to a total capacity of up to 2,000 MWp. The joint venture incorporates nine solar projects contributed by PPC Renewables, totalling up to 940 MWp (870 MWac) in capacity, while RWE Renewables has also contributed a comparable-sized Greek photovoltaic project.

Katja Wünschel, CEO RWE Renewables Europe & Australia, said, “In partnership with PPC Renewables we are accelerating the energy transition in Greece. Construction work on our initial five solar farms is well underway and we have made investment decisions to lay the ground for the next three photovoltaic projects. This underpins our strong commitment to the Greek market. And there is more to come from our large-scale development pipeline.”

Konstantinos Mavros, CEO of PPC Renewables, added, “The collaboration between RWE and PPC is transforming the country’s energy landscape with renewable energy projects that bring its green future closer. The fact that this new major investment in photovoltaics is taking place where lignite used to be produced exemplifies our unwavering commitment to the green transition. Moreover, with completion scheduled for 2024, it showcases our determination to expedite this transformation as rapidly as possible.”

Costas Papamantellos, CEO of RWE Renewables Hellas and CEO of Meton Energy S.A., commented, “Further to the investment decision earlier this year on the first five projects of our Amynteo pipeline, we have now reached the second major milestone by taking the investment decision for the next photovoltaic plants. Long-term financing agreements are in place, and the route to market has been secured via signed Power Purchase Agreements with PPC. We will continue to develop the rest of our joint solar pipeline at the same fast pace.”