RWE, PPC secure funding for 691MW solar project in Greece
- RWE AG and PPC SA secure financing for 691 MW solar project in Greece, with plans to complete by 2025. Exciting partnership for renewable energy future.
German energy group RWE AG and Greek power utility PPC SA have secured debt financing for the construction of a 691 MW/730 MWp solar project portfolio in Greece. The projects, to be completed next year, will be funded by Greece’s Recovery and Resilience Facility and additional bank financing from Alpha Bank, Eurobank, and National Bank of Greece. The projects will be developed by Meton Energy, a joint venture between RWE Renewables Europe & Australia and PPC Renewables, on a former lignite surface mine in Amynteo, Western Macedonia.
Three of the projects, totaling 259 MW, will receive a total of EUR 196 million, with EUR 98 million from RRF funds and EUR 59 million from bank loans. Meton will provide EUR 39 million from its own resources, with plans to commission the plants by March 2025. The output will be sold to PPC under a 15-year contract. An additional EUR 255.4 million, including EUR 127.7 million in RRF funds and EUR 76.6 million in debt facilities, will be allocated for the 432-MW Orycheio Dei Amynteo project, with EUR 51.1 million from Meton’s own funds. The PV park is expected to be operational by the end of 2025, with its output contracted by RWE Supply & Trading for 10 years.
What financing has been secured for the construction of a solar project portfolio in Greece?
- Debt financing has been secured for the construction of a 691 MW/730 MWp solar project portfolio in Greece
- The projects will be funded by Greece’s Recovery and Resilience Facility and additional bank financing from Alpha Bank, Eurobank, and National Bank of Greece
- The projects will be developed by Meton Energy, a joint venture between RWE Renewables Europe & Australia and PPC Renewables
- Three of the projects, totaling 259 MW, will receive a total of EUR 196 million, with EUR 98 million from RRF funds and EUR 59 million from bank loans
- Meton will provide EUR 39 million from its own resources, with plans to commission the plants by March 2025
- An additional EUR 255.4 million, including EUR 127.7 million in RRF funds and EUR 76.6 million in debt facilities, will be allocated for the 432-MW Orycheio Dei Amynteo project
- The PV park is expected to be operational by the end of 2025, with its output contracted by RWE Supply & Trading for 10 years.
