June 21, 2024
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HomeSEE Energy NewsGreece: RWE and PPC plan to build 280 MW solar power plants

Greece: RWE and PPC plan to build 280 MW solar power plants

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Through their joint venture company, Meton Energy, RWE Renewables Europe & Australia (51% share) and PPC Renewables (49%) have taken the final investment decisions for the construction of three photovoltaic projects (Amynteo Cluster II).

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.

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 is developing large scale solar projects in Greece with a total capacity of up to 2.000 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.

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