Μeton Energy, a joint venture between RWE Renewables Europe & Australia and Greece’s PPC Renewables, has announced the final investment decision for two large-scale solar farms in Central Macedonia.
The solar farms, named Kotyli and Neo Syrakio, will have a total capacity of 567 megawatts peak (MWp) and are expected to commence construction in spring 2025. The projects will generate enough annual energy to supply 140,000 households.
Meton Energy has secured ten-year bilateral power purchase agreements with PPC and RWE Supply & Trading to purchase the green electricity produced.
The €418m investment includes €175m from European Union – NextGenerationEU funds through the recovery and resilience facility plan known as Greece 2.0, with the balance financed by €169m in commercial debt from Greek banks and shareholder contributions.
Formed in 2021, the joint venture has a 51 percent stake held by RWE Renewables Europe & Australia, and a 49 percent interest held by PPC Renewables. The partnership has already energized five solar farms with a total capacity of 210MWp and completed construction of a sixth project.
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Three additional solar farms, totaling 625MWp, will be operational by the end of 2025. These nine projects, located in Western Macedonia, will have a combined capacity of 940MWp.
RWE Renewables Europe & Australia CEO Katja Wünschel stated: “With our latest investment decision, we underpin once again our strong commitment to the Greek market with now roughly 1.5 gigawatts of solar capacity in deployment. This great achievement is the result of the excellent cooperation between the teams involved at RWE and PPC. Together we are accelerating the energy transition in Greece.”
PPC Renewables CEO Konstantinos Mavros commented: “In Central Macedonia, we are creating a new and sustainable future. Our co-operation with RWE has proven to be an excellent demonstration of what we can do when we work together. Both our current projects in the old lignite mines in Amyntaio and the new investment in Central Macedonia mean more new jobs both in the construction and operation phases, and a promise for sustainable growth and a brighter future for Greece.”
RWE Renewables Hellas CEO and Meton Energy CEO Costas Papamantellos added: “We are delivering our solar projects at an impressive pace. The first cluster of the Amynteo portfolio is already energised, construction works for Amynteo Clusters II and III are at an advanced stage and we are looking forward to connecting all projects to the grid this year. By taking this FID, we have laid the ground for our next two large-scale photovoltaic projects in Greece, which will contribute to reaching the country’s climate goals.”
Related: EU Greenlights Greece’s €1 Billion Aid for Solar Energy Projects
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