RWE, PPC plan 210 MW solar farm in Greece
Date: January 26th 2023
Author: Niels C Sorrells, Montel
Power companies PPC and RWE announced plans on Thursday for a EUR 180m investment in a 210 MW solar farm project in Greece’s Western Macedonia region.Construction was expected to start in the spring, with commissioning of the five sites that make up the project at the former Amynteo open pit lignite mine due in the first quarter of 2024, the companies said in a statement.
Markus Krebber, CEO of RWE, one of Germany’s main power companies, said his company hoped for more projects with PPC in Greece, “one of the sunniest countries in Europe”.
Meton Energy SA is a joint venture company set up by RWE subsidiary RWE Renewables and PPC Renewables, a subsidiary of the Greek power provider Public Power Corporation. It has signed bilateral power purchase agreements with third parties, ranging from 10 to 15 years, to purchase the energy from the farms.
Half of the funding for the project will come from the EU’s Covid-10 recovery fund, set up in 2020 to help member countries recover from the economic damage of the coronavirus pandemic.
The remainder will be made up of EUR 36m of shareholder equity and EUR 54m of financing from Eurobank and Alpha Bank, pending financial closure.