Meton Energy, a joint venture of Germany-based energy giant RWE and Greek renewables firm PPC, has agreed to invest in a solar farm in Greece with a peak capacity of 450 megawatts (MW).
The new solar farm, Orycheio Dei Amynteo (Amynteo Cluster III), located in northern Greece, is the latest project in the 940 megawatt peak (MWp) Amynteo portfolio and is considered RWE’s largest solar project under construction to date, RWE said in a statement on Thursday.
Construction is set to start in the coming months, with commissioning expected by the end of 2025.
Alongside this new project, RWE and PPC are already building eight large-scale solar projects in the region, totaling 490 MWp, which are expected to go online this year.
Meton Energy secured a 10-year deal with PPC and RWE to sell the electricity generated by the new solar farm.
According to the statement, half of the €255.4 million invested in the solar plant comes from the EU’s NextGenerationEU funds. Financing for the remaining amount includes €76.6 million in commercial debt from a consortium of Greek banks, namely Alpha Bank, Eurobank and the National Bank of Greece, and €51.1 million in shareholder equity.
Katja Wunschel, CEO of RWE Renewables Europe & Australia, said: “In partnership with PPC Renewables, we are accelerating the energy transition in Greece.”
“Construction work on our first eight solar farms is well underway,” Wunschel added.
For his part, Konstantinos Mavros, CEO of PPC Renewables, said: “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.”
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr