RWE, PPC Launch 280 MW Solar in Greece

Aug 2, 2023 03:25 PM ET
  • RWE and PPC invest in 280 MW solar park in Greece. Project expected to provide clean energy to region by the end of 2021 with PPC purchasing the entire output in 15 year PPA. Partially funded by the Greek RRF and 3 local banks with shareholders' equity. Part of 2 GW of large-scale solar projects.
RWE, PPC Launch 280 MW Solar in Greece

RWE and PPC have agreed to invest EUR 196 million in three solar parks in Greece's Western Macedonia region, known as the Amynteo Cluster II. The 280 MW project will be built by Meton Energy SA, a joint venture between RWE Renewables Europe & Australia and PPC Renewables, and is expected to be operational by the end of 2021. PPC will purchase the entire output of the plant in a 15-year power purchase agreement (PPA). The investment is partially funded by EUR 98 million from the Greek Recovery and Resilience Facility (RRF), EUR 59 million from Alpha Bank SA, Eurobank SA and National Bank of Greece SA, and EUR 39 million from shareholders' equity. The project is part of the 2 GW of large-scale solar projects Meton is currently developing in Greece.

What Is the EUR 196 Million Investment in Greece's Amynteo Cluster II?

  • The 280 MW project is expected to generate enough clean energy to power 130,000 households in Greece.
  • The project is part of the Greek government's goal to have 2 GW of solar energy installed by the end of 2021.
  • The project is one of the largest investments in renewable energy in Greece to date.
  • The project is expected to create more than 2,000 jobs during construction and 30 full-time jobs during operations.
  • The project is expected to have a significant positive impact on the local economy, providing much-needed revenue and employment opportunities.
  • The project will also help reduce Greece's reliance on imported energy sources and support its transition to a low-carbon economy.

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