HomeNewsMeton Energy to construct solar projects with over 200MW in Greece

Meton Energy to construct solar projects with over 200MW in Greece

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.

Search for construction leads
  • Region/Country

  • Sector

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.

Read Also: 4GW Megaton green energy park in Denmark, set for development

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%.

Must Read

Arror and Kimwarer dams in Kerio Valley, Kenya

Four years after being halted, work on the Kerio dams, consisting of the Arror and Kimwarer dams, is set to resume. This comes after...

Plans approved for construction of 32-storey tower at Leadenhall Market in London

Plans have been approved for the construction of a 32-storey tower at Leadenhall Market in London. The Square Mile's "tourist appeal" will be boosted...

Construction of US$ 200M solar panel manufacturing plant in Ohio in the pipeline

Plans are underway for the construction of a US$ 200M solar panel manufacturing plant in Ohio. The facility is set to be built by...

Ground breaks for electric vehicle (EV) battery giga factory in Kokomo, Indiana

A groundbreaking ceremony has been held for a new electric vehicle (EV) battery giga factory in Kokomo, Indiana. The project is developed by Stellantis in...

Construction begins on the Kennedy Expressway, Chicago

The next week will see the start of a three-year construction project on the Kennedy Expressway. Up until July, certain sections of the two...

Dosti Realty Launches The Dosti Eden Residential Project

Leading real estate builder and developer in Mumbai and Thane Dosti Realty, has launched phase 2 of the Dosti Eden Residential Project. Similar to the...
Kenneth Mwenda
Kenneth Mwenda
Kenneth Mwenda is a business and sports writer. He joined ConstructionReview in February 2019, where he contributes to writing construction news and projects. Kenneth graduated with a Bachelor of Commerce degree (Finance) from The Cooperative University of Kenya. He has over three years of experience in content writing.


Please enter your comment!
Please enter your name here