RWE and PPC Renewables Join Forces to Build 175MW Solar Project in Northern Greece

Renewable energy giants RWE and Greek developer PPC have made a final investment decision to build a 175MW (210MW peak) solar capacity in the northern region of Western Macedonia on the former Amyntaio lignite mine. The project will require an €180m total investment, with €90m being co-financed by EU funds, and has long-term agreements for power purchase signed with various customers for terms ranging between 10 and 15 years. The joint venture company, Meton Energy, is divided evenly between the two companies, with 51% belonging to RWE and 49% belonging to PPC Renewables. Georgios Stassis, Chairman and CEO of PPC remarked: “Clean energy is at the heart of our Strategic Planning. This includes developing renewable energy projects, storage technologies and green hydrogen. We strongly believe that renewable energies alongside storage technologies will form the backbone of electricity worldwide in this coming decade” – thus showing their commitment to sustainability and energy transition. Both companies are striving towards 2GW (peak) total solar capacity in Greece through their joint venture – with PPC Renewables donating nine solar projects with a capacity of up to 870MW (940 MWp) and RWE Renewables having a development pipeline of similar size. Construction is planned for Spring 2021, followed by commissioning in early 2024.

Summary

• RWE and PPC have reached a final investment decision to build 175MW (210MW peak) of solar capacity in Greece.
• The 200MW of capacity will require a total investment of €180m, with €90m co-financed by EU funds.
• Through Meton Energy, RWE Renewables and PPC Renewables are developing solar projects with a total capacity of up to 2GW (peak) in Greece.

What is the total investment required for the five projects in Western Macedonia?

The total investment required for the five projects in Western Macedonia is €180m, with €90m co-financed by EU funds.

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Picture source: Dimitris Kiriakakis