RWE and PPC Approve 567 MW Solar Farms in Northern Greece

Meton Energy S.A., a joint venture between RWE and PPC, has approved the construction of two major solar farms in Central Macedonia, Greece.(Image generated using AI)

Joint venture Meton Energy S.A., established by energy giants RWE and PPC, has officially approved the construction of two significant photovoltaic (PV) projects in Central Macedonia, Northern Greece. The Kotyli and Neo Syrakio solar farms will collectively offer a capacity of 567 megawatts peak (MWp) or 518 megawatts alternating current (MWac).

Construction is scheduled to commence this spring, with completion and grid connection anticipated by 2027. Once operational, the farms are expected to generate enough clean energy to power over 140,000 homes annually.

Power Purchase Agreements and Financing Secured

Meton Energy has signed 10-year bilateral Power Purchase Agreements (PPAs) with both PPC and RWE Supply & Trading to ensure stable returns, securing buyers for the green energy output.

The overall investment totals €418 million, of which €175 million comes from the European Union’s NextGenerationEU fund via the Recovery and Resilience Facility (RRF) under the "Greece 2.0" plan. The remaining financing includes €169 million in commercial debt and contributions from the shareholders.

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Building on a Strong Track Record in Renewable Projects

Katja Wünschel, CEO of RWE Renewables Europe & Australia, said, “With our latest investment decision, we underpin once again our strong commitment to the Greek market with now roughly 1.5 gigawatts of solar capacity in deployment. This great achievement is the result of the excellent cooperation between the teams involved at RWE and PPC. Together we are accelerating the energy transition in Greece.”

RWE Renewables Europe & Australia, which holds a 51% stake in the joint venture, and PPC Renewables, with 49%, have already made significant strides in solar development. They have completed five solar projects, totaling 210 MWp, and finished construction on a sixth, bringing the total to 315 MWp awaiting activation.

An additional three solar farms, with a combined capacity of 625 MWp, are scheduled to be operational by the end of 2025. Collectively, these nine projects represent 940 MWp (870 MWac) of solar capacity, primarily situated in the former Amynteo lignite mining area of Western Macedonia.