RWE, PPC To Develop Five Solar Power Projects In Greece

Global energy players – RWE and PPC – have announced that they have taken the final investment decision for five photovoltaic projects in Greece through their joint venture company Meton Energy S.A. to help accelerate the Greek energy transition. In Meton Energy, RWE Renewables hold 51% stake while PPC Renewables has 49%.

Thodoros Skylakakis, Greek Alternate Minister of Finance, said, “The total €180 million investment concerns the construction of five photovoltaic projects and will take place in Western Macedonia. The green transition is a key pillar of the National Recovery and Resilience Plan, ‘Greece 2.0’, which is currently in progress.”

Georgios Stassis, Chairman and CEO of PPC, said, “I am convinced that renewables combined with storage technologies will form the backbone of the electricity system in the next decade worldwide. We continue to invest independently in renewable energy projects, but also in cooperation with strong partners, such as RWE.”

Markus Krebber, CEO of RWE AG: “This year we will start building five large-scale solar farms to support the energy transition in Greece – one of the sunniest countries in Europe. And this is only the beginning – we are looking forward to working with PPC to develop more photovoltaic projects in the country.”

The Investment Decision

The official statement by RWE held that the solar farms with a total capacity of around 210 MWp (175 MWac) are located in the Western Macedonia region in the north of Greece, within the boundaries of the former Amynteo open pit lignite mine. RWE will begin the construction in spring.

RWE mentioned that all five projects should be fully operational by the end of the first quarter of 2024. Meton Energy has signed bilateral 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 of €54 million from Eurobank and Alpha Bank. There is also available €36 million shareholders equity.

Konstantinos Mavros, CEO of PPC Renewables, said, “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.”

Through their joint venture, RWE Renewables and PPC Renewables are developing large-scale solar projects with a total capacity of up to 2,000 MWp in Greece. PPC Renewables has contributed nine solar projects with a combined total of up to 940 MWp (870 MWac) to the joint venture. RWE Renewables has contributed a Greek photovoltaic project pipeline of similar size.