RWE and PPC Renewables Invest €180m in 2GW Solar Project in Greece

RWE and PPC Renewables have finalized their investment in a large-scale solar project in Greece. The 175 MW (210 MW peak) initiative is to be constructed at the former site of the Amyntaio lignite mine in Western Macedonia. It will require an overall expenditure of €180m, with €90m co-financed by EU funds. Three to five year agreements have been secured with numerous customers as part of long-term power purchase agreements signed between 10 and 15 years. RWE holds a 51% stake in Meton Energy, the joint venture company created to manage the project – the other 49% is held by PPC Renewables. Georgios Stassis, Chairman and CEO of PPC expressed his assurance that clean energy will play a critical role in current and future energy systems worldwide over the next decade and that investments like this show commitment to the energy transition while also identifying Western Macedonia as an important centre of energy innovation.The agreement between RWE and PPC Renewables could result in up to 2GW (peak) worth of solar deployment in Greece, with both companies offering similar sized development pipelines. Building is set to begin this spring, with commissioning planned for early 2024.

Summary

• RWE and Greek developer PPC have reached a final investment decision to build 175MW (210MW peak) of solar capacity in Greece.
• The 200MW of capacity will require a total investment of €180m, with €90m co-financed by EU funds.
• Through Meton Energy, RWE Renewables and PPC Renewables are developing solar projects with a total capacity of up to 2GW (peak) in Greece.

What is the total investment cost of the 175MW (210MW peak) solar capacity in Greece?

The total investment cost of the 175MW (210MW peak) solar capacity in Greece is €180m, with €90m co-financed by EU funds.

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