Photo: RWE
Meton Energy has taken the final investment decision for two photovoltaic projects north of Thessaloniki. Through their joint venture, Germany-based RWE and Greek government-controlled utility PPC are about to start construction of 567 MW in total peak capacity.
Most of the 2 GW solar power portfolio that the top tier German-Greek partnership is developing is now materializing. RWE, holding 51% in the Meton Energy joint venture, and Public Power Corp. (PPC), the other co-owner, agreed to move to the construction phase in an investment worth EUR 418 million.
The endeavor consists of two photovoltaic projects in the Central Macedonia region in north Greece. Solar farms Kotyli and Neo Syrakio would have a total peak capacity of 567 MW, translating to 518 MW in grid connection terms.
Commissioning expected in 2027
Construction is planned to start this spring, with commissioning expected in 2027. The two sites are in the Kilkis regional unit north of Thessaloniki. Estimated annual output is equivalent to the electricity demand of more than 140,000 households.
PPC, or DEI in Greek, formally entered its largest joint venture in 2021 with German energy giant RWE. It took the domestic company less than five years to swing from deep losses to a nearly completed coal phaseout and a regional expansion at full speed. It is building some of the largest renewables and gas facilities in Europe. Moreover, PPC is transforming the two areas in Greece that rely on the solid fossil fuel and lignite-fired power plants.
RWE, PPC won EUR 175 million in EU grants for Kotyli, Neo Syrakio
The partners manage their stakes through PPC Renewables and the RWE Renewables Europe and Australia branch.
As they reached their latest final investment decision, the companies pointed out that they secured EUR 175 million in grants for the twin projects from the European Union’s Recovery and Resilience Facility (RRF) and the National Recovery and Resilience Plan (NRRP) Greece 2.0.
They are financing the rest from own funds and with EUR 169 million from commercial banks, the announcement reads. Meton Energy has signed 10-year bilateral power purchase agreements (PPAs) with PPC and RWE Supply and Trading.
“With our latest investment decision, we underpin once again our strong commitment to the Greek market with now roughly 1.5 GW 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,” said Chief Executive Officer of RWE Renewables Europe and Australia Katja Wünschel.
Amynteo PV clusters coming online by year end
The two partners have so far energized five solar farms with 210 in total peak capacity. The construction of another PV plant with a peak of 105 MW is complete. Three more, of 625 MW in combined peak capacity, are planned to become operational by the end of 2025.
The nine units in three clusters have 940 MW altogether or 870 MW on the transmission grid, as alternating current. They are in the former Amynteo open cast lignite mine in Western Macedonia in the country’s north.
“We are delivering our solar projects at an impressive pace. The first cluster of the Amynteo portfolio is already energised, construction works for Amynteo clusters 2 and 3 are at an advanced stage and we are looking forward to connecting all projects to the grid this year,” said Costas Papamantellos, CEO of RWE Renewables Hellas and Meton Energy.
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