RWE-PPC Venture Meton Energy Reveals €255.4 mn Solar plant in Greece

Atlas Renewable Energy Solar Plant

Meton Energy S.A., a 51-49 joint venture between energy giants RWE and PPC, has unveiled plans for the construction of an additional photovoltaic project in Greece.

The project, titled “Orycheio Dei Amynteo” (Amynteo Cluster III), marks the culmination of the 940 MWp (870 MWac) Amynteo portfolio, now progressing into the construction phase.

Located in Western Macedonia in Northern Greece, within the confines of the former Amynteo open pit lignite mine, the new solar farm boasts a total capacity of approximately 450 MWp (432 MWac). Construction activities are slated to commence in the upcoming months, with commissioning anticipated by the conclusion of 2025.

Concurrently, the partners are engaged in the construction of eight large-scale solar projects, known as Amynteo Clusters I & II, in the region, boasting a combined capacity of 490 MWp (434 MWac), expected to be grid-connected within the current year.

Meton Energy has inked 10-year bilateral Power Purchase Agreements (PPA) with PPC and RWE Supply & Trading, securing commitments for the procurement of green electricity generated by the forthcoming solar farm.

The total investment for the “Orycheio Dei Amynteo” project amounts to €255.4 million, with €127.7 million sourced from the European Union – NextGenerationEU funds through the Recovery and Resilience Facility (RRF) plan “Greece 2.0”.

The remaining funding is structured through a €76.6 million commercial debt financing, facilitated on a club-deal basis by Alpha Bank, Eurobank, and National Bank of Greece, alongside shareholders’ equity of €51.1 million, pending financial closure.

“Construction work on our first eight solar farms is well underway. With our latest investment decision, we have prepared the ground for an additional 450-megawatt photovoltaic plant – RWE’s largest solar project under construction to date,” Katja Wunschel, CEO of RWE Renewables Europe & Australia, 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 940 MWp, and is looking to connecting 490 MWp to the grid already this year,” Costas Papamantellos, CEO of RWE Renewables Hellas and CEO of Meton Energy, said.