Friday, April 19, 2024

RWE and PPC to build solar projects with 280 MW of capacity in Greece

German energy company RWE and Greece’s public power corporation PPC Renewables have announced to build solar projects with 280 megawatts of capacity in Greece’s former coal region.

The two companies have made the final investment decisions for the construction of an additional portfolio 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 open-pit lignite mine.

The construction work on all three projects of Amynteo Cluster II is scheduled to begin in the coming months, with commissioning scheduled for next year. They are already constructing five large-scale solar projects (Amynteo Cluster I) in the region, with a total of 210 MWp (175 MWac) capacity.

“In partnership with PPC Renewables, we are accelerating the energy transition in Greece,” said Katja Wünschel, CEO of RWE Renewables Europe & Australia, in the press release. “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.”

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

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 the European Union. The remaining amount is being financed through a €59 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 €39 million.