RWE, PPC reach FID on 450MW Greek solar scheme – EQ
In Short : RWE and Public Power Corporation (PPC) have reached a Final Investment Decision (FID) on a 450 MW solar scheme in Greece. This signifies a commitment to advancing large-scale solar projects, contributing to the growth of renewable energy capacity in the region.
In Detail : Amynteo Cluster 3 project in Western Macedonia has secured €127.7m of NextGenerationEU funds
Joint venture partners RWE and PPC have taken the final investment decision for the construction of a 450MW photovoltaic project in Greece.
The new solar farm, Orycheio Dei Amynteo (Amynteo Cluster 3), is located in Western Macedonia in northern Greece, within the boundaries of the former Amynteo open pit lignite mine.
Construction work is scheduled to start in the coming months with commissioning expected by the end of 2025.
The partners are already constructing eight large-scale solar projects (Amynteo Clusters 1&2) in the region, with a total capacity of 490MW.
These photovoltaic plants are expected to be connected to the grid this year.
The JV project company, Meton Energy, has signed 10-year bilateral power purchase agreements (PPA) with PPC and RWE Supply & Trading, which will purchase the green electricity produced by the new solar farm.
For the €255.4m in Orycheio Dei Amynteo, €127.7m of NextGenerationEU funds have been secured via the Recovery and Resilience Facility (RRF) plan “Greece 2.0”.
The remaining amount is being financed through a €76.6m commercial debt financing to be provided pro-rata on a club-deal basis by Alpha Bank, Eurobank and National Bank of Greece, as well as shareholders’ equity of €51.1m.
The financing is subject to financial close.
Costas Papamantellos, CEO of RWE Renewables Hellas and CEO of Meton Energy, said: “Meton Energy is delivering its solar projects at an impressive pace.
“Within one year, the joint venture company has successfully developed and taken investment decisions on all three clusters of the Amynteo portfolio with a total capacity of 940MW and is looking to connecting 490MW to the grid already this year.
“This great achievement is the result of the excellent cooperation between the teams involved at RWE and PPC.”
