Renewables

GEK Terna signs solar power PPAs with PPC, RWE in Greece

GEK Terna signs solar power PPAs with PPC, RWE in Greece

Photo: Samuel Faber from Pixabay

Published

June 8, 2023

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Published:

June 8, 2023

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Electricity supplier HERON and Meton Energy have signed power purchase agreements (PPAs) for three solar power projects in Greece.

HERON, part of industrial conglomerate GEK Terna, agreed to procure approximately 192 GWh of green electricity per year from power plants being built by Meton Energy, a joint venture of RWE Renewables Europe and Australia and PPC Renewables.

The PPAs consist of three project-specific offtake agreements covering 10- and 12-year contractual horizons, HERON said.

Solar farms Orycheio Lakkia, Rodonas and Anargyroi 3 will be built in the former lignite mine area of Amyntaio in the Western Macedonia region in the north of Greece. The investment decision for them and another two solar power projects with 210 MW in combined peak capacity, translating to 175 MW in grid connection, was reached in January.

They are scheduled to be completed by the end of March 2024 within the partnership that German utility RWE and Public Power Corp. (PPC) of Greece established a year and a half ago.

The three photovoltaic plants will be built in the former lignite mine area of Amyntaio

Construction works are already underway, HERON said.

The two sides have signed another agreement. Renewable electricity aggregator Optimus Energy, a subsidiary of HERON, and Meton Energy have signed market representation agreements that are the first of their kind in Greece, regarding their long-term contractual horizon.

According to HERON, Optimus Energy supports the PPAs by offering long-term market representation agreements for the solar power plants, covering route-to-market and balancing services.

The new PPA era in Greece

General Manager of HERON Loukas Dimitriou said the PPAs would enable the firm to cover part of its electricity portfolio supply needs in Greece and stressed that it is another big step towards its commitment to procure renewable electricity for its clients.

The agreement emphasizes HERON’s breakthrough role in the new PPA era in Greece, which HERON has pioneered as the first utility to procure and offer long-term renewable electricity to its customers since 2021, he added.

According to Olaf Lubenow, RWE Supply and Trading’s Head of Commodity Solutions for the United Kingdom, North and South Europe, the agreements are the result of full commitment on all sides and demonstrate how climate protection is possible under market conditions.

“These agreements help Optimus Energy to expand its leading role in the Greek market towards providing the necessary representation services which are essential to a long-term PPA,” Chairman of the Board of Directors at Optimus Energy Costas Baslis stressed.

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