German energy utility company RWE and PPC Renewables have teamed up to build over 200MW of solar projects in Greece. RWE and PPC have made the final investment decision on five solar photovoltaic (PV) projects through their joint venture company Meton Energy.
The five solar PV projects, totaling 210MWp (175MWac), will be built in the Western Macedonia region of northern Greece. The sites will begin to undergo construction soon. Consequently, the projects should be operational by the second quarter of next year.
Konstantinos Mavros, CEO of PPC Renewables, stated: “We are honoured to work with RWE Renewables. This joint venture is a vote of confidence for Greece as well as a partnership between two commercial entities. We are eager to complete the projects and assist the nation in making the transition to a sustainable future.
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Construction of the solar PV projects in Greece
The cost of the solar projects will be €180 million ($196 million). €90 million ($98 million) will come from NextGenerationEU funds allocated to the Recovery and Resilience Facility (RRF) plan “Greece 2.0.” Along with €36 million in shareholder equity, they will also receive €54 million in commercial debt financing from Eurobank and Alpha Bank. Financial close is a requirement for the financing.
Costas Papamantellos, CEO of RWE Renewables Hellas and Meton Energy, stated: “We have now reached a significant milestone by deciding to invest in our first photovoltaic plants, less than a year after establishing our joint venture.
“Long-term financing agreements are in place. Consequently, the route to market has been secured via five signed power purchase agreements. We will keep building the remaining sections of our shared solar pipeline at the same rate. 51% of Meton Energy is owned by RWE, and PPC Renewables owns the remaining 49%.