Through the METON ENERGY S.A. consortium, RWE Renewables Europe & Australia, with a 51% stake, and PPC Renewables S.A., with a 49% stake, received the final investment decision for the construction of three more photovoltaic projects ( Amyntaio Cluster 2).
These three solar farms, with a total installed capacity of approximately 280 MWp (259 MWac), will be built in Western Macedonia, in the area of the former Amyntaio lignite field, with the start of construction scheduled for autumn. All three projects of Amyntaio Complex 2 are expected to be operational by the end of 2024. The consortium is already constructing five large-scale PV projects in the area (Amyntaio Cluster 1), with a total installed capacity of 210 MWp (175 MWac).
METON ENERGY SA has signed 15-year bilateral power purchase agreements (PPAs) with PPC, which will purchase the green electricity produced by the three new solar farms. To finance the total investment of 196 million euros for the construction of the three photovoltaic projects of Amyntaio Cluster 2, funds of 98 million euros have been secured from the European Union – NextGenerationEU through the Recovery and Resilience Fund “Greece 2.0”. The remaining amount is being financed through a 59 million euro commercial debt financing (co-financing) to be provided pro-rata on a club-deal basis by Alpha Bank S.A., Eurobank S.A. and National Bank of Greece S.A., as well as shareholders’ equity of 39 million euros. The financing is subject to financial close.
Including projects already under construction, METON ENERGY, the joint venture of RWE Renewables Europe & Australia and PPC Renewables SA, is developing large-scale photovoltaic projects in Greece with a total capacity of up to 2,000 MWp. PPC Renewables has contributed nine solar projects with a combined total capacity of up to 940 MWp (870 MWac) to the joint venture, while RWE Renewables has contributed a Greek photovoltaic project pipeline of similar size.
