The €180 million projects are expected to be completed by the end of the first quarter of 2024
Two leading energy groups, RWE and PPC, have joined forces to contribute to the acceleration of the Greek energy transition. Through the METON ENERGY S.A. consortium, RWE Renewables GmbH, with a 51% stake, and PPC Renewables S.A., with a 49% stake, received the final investment decision for the construction of five photovoltaic projects.
For this investment, with a total budget of 180 million euros, 90 million euros have been secured from the Recovery and Resilience Fund (Recovery and Resilience Fund) and 54 million euros from banks Eurobank S.A. and Alpha Bank S.A., while the remaining 36 million euros pertain to the same participation. The financing is in the final stage of financial closing.
The photovoltaic projects, with a total installed capacity of approximately 210 MWp (175 MWac), are located in the region of Western Macedonia, in N. Greece, within the boundaries of the former Amyntaios open-pit lignite mine. Construction work is scheduled to begin in the spring and is expected to be completed by the end of the first quarter of 2024.
METON Energy SA has signed bilateral green power purchase and sale business agreements (“green” PPAs), lasting between 10 and 15 years, with third parties, who will purchase the green electricity produced by the photovoltaic projects.
Through their joint venture, RWE Renewables and PPC Renewables are developing large-scale photovoltaic projects with a total capacity of up to 2,000 MWp in Greece. PPC Renewables has contributed to the consortium nine photovoltaic projects with a total capacity of up to 940 MWp (870 MWac). RWE Renewables has contributed a similarly sized portfolio of solar projects to the joint venture.
The Deputy Minister of Finance, Mr. Thodoros Skylakakis, said: “A major investment that will contribute to the goal of accelerating the energy transition is on track this spring, with the contribution of the Recovery and Resilience Fund. The investment, totaling 180 million euros, concerns the construction of five photovoltaic projects and will take place in Western Macedonia. The “green transition” is a key pillar of the ongoing National Recovery and Resilience Plan, “Greece 2.0″. In fact, at a difficult time, where the global community is facing urgent challenges, more than 11 billion euros have already flowed into government coffers from this valuable development tool.”
The Commander of the Special Coordination Service of the Recovery Fund, Mr. Nikos Mantzoufas, spoke of a large, emblematic investment in Western Macedonia for the development of Renewable Energy Sources, saying: “We are particularly pleased that the loan arm of the Recovery Fund supports important projects in the renewable energy sector, the country’s de-lignification strategy and development at the local level”.
The President and CEO of PPC Mr. Georgios Stassis said: “Clean energy is at the heart of PPC’s strategic planning with the development of RES projects, storage technologies and green hydrogen. I am convinced that RES combined with storage technologies will form the backbone of the electricity system in the next decade worldwide. We continue to invest strongly in RES projects independently, but also in cooperation with strong partners, such as RWE. The development of the large Photovoltaic projects in Western Macedonia proves in practice our commitment to the goal of the energy transformation of both PPC and Greece, while simultaneously supporting the role of Western Macedonia as the energy center of the country”.
The CEO of PPC Renewables SA, Mr. Konstantinos Mavros, pointed out: “We are very proud to be working with RWE Renewables. This joint venture is not just a collaboration between two business groups, but also a vote of confidence for Greece. We look forward to fully developing the projects and facilitating the country’s transition to a sustainable future. We will continue to pursue our goal of expanding our portfolio in line with our business plan.”
The CEO of RWE SA, Mr. Markus Krebber, noted: “As RWE we have made a strong commitment to the rapid expansion of renewable energy sources. We are excited about the great progress of our partnership with PPC Renewables. This year we will start the construction of five large-scale photovoltaic projects to support the energy transition in Greece – one of the sunniest countries in Europe. And this is just the beginning – we look forward to working with PPC to develop more solar projects in the country.”
The CEO of RWE Renewables Hellas M.A.E. and of METON ENERGY S.A., Mr. Costas Papamantellos, emphasized: “Within less than a year of the establishment of our joint venture, we achieved an important milestone by making the investment decision for our first photovoltaic stations. Long-term financing agreements have been signed and the sale of the generated energy has been secured through five signed bilateral electricity business agreements. We continue to develop at the same rapid pace the entirety of our joint portfolio of photovoltaic projects.”
The Deputy Minister of Finance, Mr. Thodoros Skylakakis, said: “A major investment that will contribute to the goal of accelerating the energy transition is on track this spring, with the contribution of the Recovery and Resilience Fund. The investment, totaling 180 million euros, concerns the construction of five photovoltaic projects and will take place in Western Macedonia. The “green transition” is a key pillar of the ongoing National Recovery and Resilience Plan, “Greece 2.0″. In fact, at a difficult time, where the global community is facing urgent challenges, more than 11 billion euros have already flowed into government coffers from this valuable development tool.”
The Commander of the Special Coordination Service of the Recovery Fund, Mr. Nikos Mantzoufas, spoke of a large, emblematic investment in Western Macedonia for the development of Renewable Energy Sources, saying: “We are particularly pleased that the loan part of the Recovery Fund supports important projects in the field of RES, the country’s de-lignitization strategy and development at the local level”.
The President and CEO of PPC Mr. Georgios Stassis said: “Clean energy is at the heart of PPC’s strategic planning with the development of RES projects, storage technologies and green hydrogen. I am convinced that RES combined with storage technologies will form the backbone of the electricity system in the next decade worldwide. We continue to invest strongly in RES projects independently, but also in cooperation with strong partners, such as RWE. The development of the large Photovoltaic projects in Western Macedonia proves in practice our commitment to the goal of the energy transformation of both PPC and Greece, while simultaneously supporting the role of Western Macedonia as the energy center of the country”.
The CEO of PPC Renewables SA, Mr. Konstantinos Mavros, noted: “We are very proud to be working with RWE Renewables. This joint venture is not just a collaboration between two business groups, but also a vote of confidence for Greece. We look forward to fully developing the projects and facilitating the country’s transition to a sustainable future. We will continue to pursue our goal of expanding our portfolio in line with our business plan.”
The CEO of RWE SA, Mr. Markus Krebber, noted: “As RWE we have made a strong commitment to the rapid expansion of renewable energy sources. We are excited about the great progress of our partnership with PPC Renewables. This year we will start the construction of five large-scale photovoltaic projects to support the energy transition in Greece – one of the sunniest countries in Europe. And this is just the beginning – we look forward to working with PPC to develop more solar projects in the country.”
The CEO of RWE Renewables Hellas M.A.E. and of METON ENERGY S.A., Mr. Costas Papamantellos, emphasized: “Within less than a year of the establishment of our joint venture, we achieved an important milestone by making the investment decision for our first photovoltaic plants. Long-term financing agreements have been signed and the sale of generated energy has been secured through five signed bilateral electricity business agreements. We continue to develop at the same rapid pace the entirety of our joint portfolio of photovoltaic projects.”
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