Final Investment Decision: Joint Venture of RWE and PPC to Build Solar Projects with 280 MW in Greece
Essen, Germany / Athens, Greece - The energy companies RWE and PPC, through their joint venture company Meton Energy S.A., have taken the final investment decision for the construction of three additional solar projects, which are combined in the so-called Amynteo Cluster II.
Construction is scheduled to begin in the fall of this year. All three projects of Amynteo Cluster II are scheduled to be operational by the end of 2024. The partners are currently already constructing five large solar projects in this region (Amynteo Cluster I) with a total capacity of 210 MWp.
Meton Energy S.A. has signed bilateral power supply agreements with PPC for the green electricity generated in the three solar parks through the respective project companies. The term of the contracts is 15 years.
The total investment of 196 million euros for the realization of the three solar projects will be financed with EU funds in the amount of 98 million euros from the "Next Generation EU" fund as part of the Recovery & Resilience Facility Plan "Greece 2.0". For the remaining amount, commercial debt financing in the amount of 59 million euros from Alpha Bank S.A., Eurobank S.A. and the National Bank of Greece has been agreed, in addition to 39 million euros of equity.
RWE Renewables Europe & Australia holds 51 percent and PPC Renewables 49 percent of the joint venture Meton Energy S.A.. Including projects under construction, the joint venture is developing solar projects with a total capacity of up to 2,000 MWp in Greece. PPC Renewables has contributed nine solar projects for development with a total capacity of up to 940 MWp to the joint venture Meton Energy S.A. - RWE a development pipeline for solar projects in Greece of similar size.
Source: IWR Online, 31 Jul 2023
