RWE and PPC, have joined forces to help accelerate the Greek energy transition. Through their joint venture company Meton Energy S.A., RWE Renewables (51%) and PPC Renewables (49%) have taken the final investment decision for five photovoltaic projects. The solar farms with a total capacity of around 210 MW (175 MW) are located in the Western Macedonia region in the north of Greece, within the boundaries of the former Amynteo open pit lignite mine.
PPAs with durations between 10 and 15 years signed
Construction work is scheduled to start in spring. All five projects should be fully operational by the end of Q1/2024. Meton Energy S.A. has signed bilateral power purchase agreements (PPAs) of durations ranging between 10 and 15 years with third parties, which will purchase the green electricity produced by the solar farms. For the total €180 million investment in the five solar projects, €90 million of European Union – NextGenerationEU funds have been secured via the Recovery and Resilience Facility (RRF) plan “Greece 2.0” as well as commercial debt financing (co-financing) of €54 million from Eurobank S.A. and Alpha Bank S.A., plus €36 million of shareholders equity. The financing is subject to financial close.
Nikos Mantzoufas, Greek Governor of the Recovery and Resilience Facility Coordination Agency said: “This is a major investment in Western Macedonia that symbolises the development of renewable energy sources. We are particularly pleased that the loan facility of the Recovery Fund supports important projects in the field of renewable energies, the country’s strategy for exiting lignite and local development.”
Facilitating the transition of Greece to a sustainable future
“We are very proud to be collaborating with RWE Renewables. This joint venture is not just a partnership between two business entities, it is also a vote of confidence for Greece. We look forward to fully deploying the projects and facilitating the country’s transition to a sustainable future. We will continue to pursue our goal of expanding our portfolio according to our business plan”, Konstantinos Mavros, CEO of PPC Renewables stated.
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“Within less than one year since founding our joint venture, we have now reached a significant milestone by taking the investment decision for our first photovoltaic plants. Long-term financing agreements are in place, and the route to market has been secured via five signed power purchase agreements. We will continue to develop the rest of our joint solar pipeline at the same pace”, Costas Papamantellos, CEO of RWE Renewables Hellas and CEO of Meton Energy S.A. said.
Developing large-scale solar projects up to 2,000 MW in Greece
Through their joint venture, RWE Renewables and PPC Renewables are developing large-scale solar projects with a total capacity of up to 2,000 MW in Greece. PPC Renewables has contributed nine solar projects with a combined total of up to 940 MW (870 MWac) to the joint venture. RWE Renewables has contributed a Greek photovoltaic project pipeline of similar size. (hcn)
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