Renewables

PPC, RWE set to complete 940 MW Amynteo solar portfolio by end-2025

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Photo: PPC

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February 9, 2024

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Published:

February 9, 2024

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Greece’s Public Power Corp. (PPC) and Germany’s RWE have made the final investment decision on another photovoltaic project in Greece, with a capacity of 450 MW. The Orycheio Dei Amynteo plant is the third and final cluster of the 940 MW Amynteo solar portfolio, which the two companies are developing in Northern Greece.

Construction on clusters 1 and 2, which comprise eight large-scale solar projects with a total capacity of 490 MW, is already under way. These plants are expected to be connected to the grid this year, according to a press release from PPC.

Following the final investment decision, Orycheio Dei Amynteo is now entering the construction phase. Works are scheduled to start in the coming months, with commissioning expected by the end of 2025. The plant will be located within the boundaries of the former Amynteo open-pit lignite mine in the Western Macedonia region of Greece, PPC said.

The solar power plant will be built at a former coal mine

The investment is worth EUR 255.4 million, with EUR 127.7 million coming from the European Union, through the Recovery and Resilience Facility (RRF) plan for Greece. The remaining amount includes EUR 76.6 million in lending from Greece’s Alpha Bank, Eurobank, and National Bank of Greece, as well as EUR 51.1 million in shareholders’ equity.

RWE Renewables Europe and Australia has a 51% stake in the joint venture, called Meton Energy, while PPC holds the remaining 49%. Meton Energy has signed 10-year bilateral power purchase agreements (PPAs) with PPC and RWE Supply & Trading, which will purchase the green electricity produced by the new solar plant.

PPC secures financing for 550 MW Phoibe solar complex

PPC recently agreed a EUR 294.4 million financing deal for a 550 MW solar complex called Phoibe, which will also be built at the site of a former lignite mine in Greece’s Western Macedonia region. The overall cost of the Phoibe project is estimated at EUR 368 million.

The solar complex, whose construction is expected to be completed in 2025, should produce about 1 TWh of electricity a year, equal to almost 2.5% of the domestic electricity generation and enough to supply 200,000 homes, according to a report by Renewables Now.

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