RWE and PPC to build solar projects in Greece

The three solar farms with a total capacity of around 280 MWp (259 MWac) are located in Western Macedonia in Northern Greece, within the boundaries of the former Amynteo opencast lignite mine. Construction work is scheduled to start this autumn. All three projects of Amynteo Cluster II should be fully operational by the end of 2024. The partners are already constructing five large scale solar projects (Amynteo Cluster I) in the region, with a total of 210 MWp (175 MWac) capacity.

Katja Wünschel, CEO RWE Renewables Europe and 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.”

Through the respective project companies, Meton Energy S.A. has signed 15-year bilateral power purchase agreements with PPC, which will purchase the green electricity produced by the three new solar farms. For the €196 million investment in Amynteo Cluster II, €98 million of EU – NextGenerationEU funds have been secured via the Recovery and Resilience Facility (RRF) plan ‘Greece 2.0’. The remaining amount is being financed through a €59 million commercial debt financing (co-financing) to be provided pro-rata on a club-deal basis by Alpha Bank S.A., Eurobank S.A. and National Bank of Greece S.A., as well as shareholders’ equity of €39 million. The financing is subject to financial close.

Including the projects under construction, Meton Energy S.A. is developing large scale solar projects in Greece with a total capacity of up to 2000 MWp. PPC Renewables has contributed nine solar projects with a combined total capacity of up to 940 MWp (870 MWac) to the joint venture, while RWE Renewables has contributed a Greek photovoltaic project pipeline of similar size.

Costas Papamantellos, CEO of RWE Renewables Hellas and CEO of Meton Energy S.A., added: “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.”

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