RWE and PPC to accelerate Greek energy transition by building solar projects with nearly 1 gigawatt capacity

Leading energy groups RWE and PPC continue to forge ahead with Greece’s energy transition through their joint venture company Meton Energy. The company has taken the final investment decision for the construction of an additional photovoltaic project in the country. This solar farm is the last project of the 940 MWp (870 MWac) Amynteo portfolio, which is now entering the construction phase. In addition, the joint venture between
RWE Renewables Europe & Australia (51%) and PPC Renewables (49%) is developing a solar project pipeline of similar size in Greece.

The new solar farm “Orycheio Dei Amynteo” (Amynteo Cluster III) with a total capacity of around 450 MWp (432 MWac) is located in Western Macedonia in Northern Greece, within the boundaries of the former Amynteo open pit lignite mine. Construction work is scheduled to start in the coming months with commissioning expected by the end of 2025. The partners are already constructing eight large-scale solar projects (Amynteo Clusters I & II) in the region, with a total capacity of 490 MWp (434 MWac). These photovoltaic plants are expected to be connected to the grid this year.

The project company Meton Energy S.A. has signed 10-year bilateral Power Purchase Agreements (PPA) with PPC and RWE Supply & Trading, which will purchase the green electricity produced by the new solar farm. For the €255.4 million investment in Orycheio Dei Amynteo, €127.7 million of European Union – NextGenerationEU funds have been secured via the Recovery and Resilience Facility (RRF) plan “Greece 2.0”. The remaining amount is being financed through a €76.6 million commercial debt 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 €51.1 million. The financing is subject to financial close.

Katja Wünschel, CEO RWE Renewables Europe & Australia: “In partnership with PPC Renewables we are accelerating the energy transition in Greece. Construction work on our first eight solar farms is well underway. With our latest investment decision, we have prepared the ground for an additional 450-megawatt photovoltaic plant – RWE’s largest solar project under construction to date. This underpins our strong commitment to the Greek market with nearly one gigawatt of solar capacity under construction and large-scale solar projects of similar size under development.”

Konstantinos Mavros, CEO of PPC Renewables: “We are pleased to announce the final investment decision for yet another significant solar project in Greece, marking a crucial step forward in our commitment to sustainable clean energy. The collaboration between PPC Renewables and RWE Renewables Europe & Australia under Meton Energy S.A. underscores our shared dedication to fostering Greece’s energy transition. By accelerating the development of our solar projects with a combined capacity of nearly one gigawatt, we are actively contributing to the country’s renewable energy goals. This venture is a testament to the strength of our partnership and our unwavering focus on creating a cleaner, more sustainable energy future for Greece.”

Costas Papamantellos, CEO of RWE Renewables Hellas and CEO of Meton Energy S.A.: “Meton Energy S.A. is delivering its solar projects at an impressive pace. Within one year, the joint venture company has successfully developed and taken investment decisions on all three clusters of the Amynteo portfolio with a total capacity of 940 MWp, and is looking to connecting 490 MWp to the grid already this year. This great achievement is the result of the excellent cooperation between the teams involved at RWE and PPC.”