Construction of the solar project will bring the two companies’ joint portfolio to 1GW.
This will be the third cluster of the Amynteo portfolio. Amynteo clusters I and II, which comprise eight solar projects, are already being built by the partners.
They will have a total capacity of 490MW and will be connected to the grid in 2024.
The JV, in which RWE Renewables Europe & Australia and PPC Renewables hold 51% and 49% stakes, respectively, is also developing a Greek solar pipeline of similar size.
Construction on the project is expected to begin in the spring of 2024. It will be commissioned by the end of 2025.
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Meton Energy has secured ten-year bilateral power purchase agreements with PPC and RWE Supply & Trading for the green electricity produced by the new solar farm.
The investment in Orycheio Dei Amynteo totals €255.4m (£217.8m), with €127.7m provided through the EU’s NextGenerationEU’s Recovery and Resilience Facility plan.
The remaining funds will come from a €76.6m debt financing provided by Alpha Bank, Eurobank and the National Bank of Greece, alongside a shareholders’ equity contribution of €51.1m.
RWE Renewables Europe & Australia CEO Katja Wünschel stated: “In partnership with PPC Renewables, we are accelerating the energy transition in Greece. Construction work on our first eight solar farms is well under way.
“With our latest investment decision, we have prepared the ground for an additional 450MW photovoltaic plant – RWE’s largest solar project under construction to date. This underpins our strong commitment to the Greek market with nearly 1GW of solar capacity under construction and large-scale solar projects of similar size in development.”
PPC Renewables CEO Konstantinos Mavros stated: “We are pleased to announce the final investment decision for yet another significant solar project in Greece, marking a crucial step forward in our commitment to sustainable clean energy. The collaboration between PPC Renewables and RWE Renewables Europe & Australia under Meton Energy SA underscores our shared dedication to fostering Greece’s energy transition.
“By accelerating the development of our solar projects with a combined capacity of nearly 1GW, we are actively contributing to the country’s renewable energy goals. This venture is a testament to the strength of our partnership and our unwavering focus on creating a cleaner, more sustainable energy future for Greece.”
In January 2023, RWE and PPC Renewables partnered to build five solar plants with a total capacity of 210MW in the country.