Meton Energy, a joint venture of RWE and Public Power Corp. (PPC), reached the final investment decisions for photovoltaic plants totaling 280 MW in peak capacity. PPC will offtake the electricity produced in the facilities through power purchase agreements.
Just as the construction of a solar park cluster has started on the former open pit lignite mine in Amyntaio or Amynteo in northern Greece, another three utility-scale units are scheduled for groundbreaking in the autumn. Meton Energy, owned by Germany-based RWE Renewables Europe and Australia (51%) and PPC Renewables (49%), has taken the final investment decisions for 280 MW in peak capacity, translating to 259 MW connection in alternating current terms.
The two groups of solar power plants in Amyntaio will have an overall 490 MW in peak capacity
The Amynteo Cluster 2 in the Western Macedonia region in northern Greece should be fully operational by the end of 2024, parent companies RWE and PPC said. It is part of the transformation of the country’s flagship electricity producer toward renewable sources.
All three solar power plants should be fully operational by the end of next year, according to the announcement.
PPC Renewables determined to complete transition as rapidly as possible
“This underpins our strong commitment to the Greek market. And there is more to come from our large-scale development pipeline,” said Chief Executive Officer of RWE Renewables Europe and Australia Katja Wünschel.
Meton Energy has signed 15-year power purchase agreements (PPAs) for the three planned photovoltaic plants.
“The fact that this new major investment in photovoltaics is taking place where lignite used to be produced exemplifies our unwavering commitment to the green transition. Moreover, with completion scheduled for 2024, it showcases our determination to expedite this transformation as rapidly as possible,” CEO of PPC Renewables Konstantinos Mavros said.
Amynteo clusters account for one quarter of Meton Energy’s portfolio
For the EUR 196 million investment in Amynteo Cluster 2, EUR 98 million of the European Union’s NextGenerationEU funds have been secured via the National Recovery and Resilience Plan Greece 2.0. The remainder will be covered through a EUR 59 million credit package from Alpha Bank, Eurobank and National Bank of Greece and EUR 39 million in equity, the companies revealed. The financing is subject to financial close, they pointed out.
The Amynteo Cluster 1, consisting of five units, is envisaged with a peak of 210 MW and a combined 175 MW in connection capacity.
Including the projects under construction, Meton Energy is developing large-scale solar power projects in Greece with a total peak capacity of up to 2 GW. The late-stage pipeline in Amyntaio makes up just under one quarter of the portfolio.