RWE and PPC to build new 567 MWp photovoltaic projects in northern Greece

Energy groups RWE and PPC continue to support Greece’s energy transition through their joint venture, Meton Energy SA, which has made the final decision to invest in the construction of two large-scale photovoltaic projects in the Central Macedonia prefecture in northern Greece, according to a press release.

The Kotyli and Neo Syrakio solar parks will have a total capacity of 567 MWp (518 MWac). Construction is planned to start this spring, with commissioning expected in 2027. The project is expected to generate enough energy annually to cover the needs of more than 140,000 households.

The project company Meton Energy SA has signed bilateral 10-year Power Purchase Agreements (PPAs) with PPC and RWE Supply & Trading, which will purchase the green energy produced by the new solar parks.

For the €418 million investment, €175 million was secured from European Union funds – NextGenerationEU, through the Recovery and Resilience Plan (RRF) “Greece 2.0”, and the rest of the amount is financed through a €169 million commercial loan, as well as through shareholder contributions.

Together, RWE Renewables Europe & Australia (51%) and PPC Renewables (49%) have already commissioned five solar parks, with a total capacity of 210 MWp, and have completed the construction of a sixth project, reaching a total of 315 MWp, the latter of which will be connected to the grid in the coming period. Three more solar parks, with a total capacity of 625 MWp, are planned to become operational by the end of 2025. These nine solar projects have a total capacity of 940 MWp (870 MWac) and are located in Western Macedonia, northern Greece, on the site of the former open-pit lignite mine at Amynteo.

“With this latest investment decision, we reaffirm our strong commitment to the Greek market, now reaching approximately 1.5 gigawatts of solar capacity under implementation. This remarkable achievement is the result of excellent cooperation between the teams involved at RWE and PPC. Together we are accelerating the energy transition in Greece,” said Katja Wunschel, CEO of RWE Renewables Europe & Australia, as quoted in the statement.

For his part, Konstantinos Mavros, CEO of PPC Renewables, stressed that both the current projects in the former lignite mines of Amyntaio and the new investment in Central Macedonia mean more jobs in both the construction and operation phases and represent a “promise for sustainable growth and a better future for Greece.”

Costas Papamantellos, CEO of RWE Renewables Hellas and CEO of Meton Energy SA, noted that the first group of projects in the Amynteo portfolio is already connected to the grid, and construction works for clusters II and III of Amynteo are at an advanced stage.

“By taking this final investment decision, we have laid the foundation for the next two large-scale photovoltaic projects in Greece, which will contribute to achieving the country’s climate goals,” said Costas Papamantellos.

PPC is the leading electricity utility company in South-Eastern Europe, with activities in the fields of generation, distribution, network operation and sale of advanced energy products and services in Greece, Romania and North Macedonia. PPC has a total installed capacity of 12.2 GW, consisting of thermal, hydro and RES installations with a total annual production of approximately 21 TWh, while in the networks, the total regulated asset base amounts to approximately 4.3 billion euros at the end of 2023.

PPC Group is the leading electricity supplier in Greece and Romania, serving 8.8 million customers in total, offering them over 33 TWh of energy and a wide range of energy products and services. PPC was founded in 1950 and has been listed on the Athens Stock Exchange since 2001.

RWE is one of the leading companies in the renewable energy sector and is investing billions of euros in expanding its generation portfolio, particularly in offshore and onshore wind power, solar power and batteries. This is complemented by its global energy trading business.
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