The joint venture Meton Energy, established by RWE and PPC, has made the final decision to invest in the construction of three solar projects totaling 259MW in northern Greece.
These projects, known as the Amynteo Cluster 2, will be situated on the former site of the Amynteo opencast lignite mine in the region of Western Macedonia.
Construction is scheduled to commence in the autumn of this year, with all three projects expected to become operational by the end of 2024.
Meton Energy is actively involved in developing five large solar projects in the region, including the Amynteo Cluster 1, which has a capacity of 175MW.
To ensure the supply of green electricity from these three solar parks, Meton Energy has signed bilateral power supply agreements with PPC through their respective project companies. The contracts have a duration of 15 years.
The total investment required for the realization of these three solar projects amounts to €196 million.
This financing will be obtained through €98 million of EU funds from the NextGenerationEU fund, as part of the Recovery & Resilience Facility Plan “Greece 2.0.”
Additionally, commercial debt financing of €59 million has been agreed upon with Alpha Bank, Eurobank, and the National Bank of Greece, along with €39 million in equity.
Combining the ongoing projects with those in development, the joint venture between RWE and PPC Renewables is collectively working on solar projects with a total capacity of up to 2GW in Greece.
As part of its contribution, PPC Renewables has provided nine solar projects with a total capacity of up to 870MW to Meton Energy and RWE, augmenting their development pipeline for solar projects of a similar size in Greece.
CEO of RWE Renewables Hellas and CEO of Meton Energy, Costas Papamantellos, said “Following the investment decision for the first five projects of our Amynteo pipeline at the beginning of this year, we have now reached the second important milestone by making the investment decision for the next photovoltaic plants.”
“Long-term financing agreements are in place and the marketing of the electricity is secured by the signing of the electricity supply contracts with PPC.”
“We will continue to develop the remaining projects in our joint solar pipeline at the same high pace.”
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