RWE and PPC, through their joint venture company Meton Energy, have made a final investment decision on the construction of Orycheio Dei Amynteo solar farm situated in Western Macedonia, Greece. The solar farm with a total capacity of 432 MW is the latest project of the 870 MW Amynteo portfolio.
The solar farm will be built within the former Amynteo open-pit lignite mine. Construction work is scheduled to begin in the coming months with commissioning expected by the end of 2025. Furthermore, Meton Energy has signed a 10-year bilateral PPA with PPC and RWE Supply & Trading, which will purchase the green electricity produced by the new solar farm.
Reportedly, the investment in the new project is estimated to be €255.4 million, out of which €127.7 million have been secured via the Recovery and Resilience Facility (RRF) plan “Greece 2.0”. The remaining amount is being financed through a €76.6 million commercial debt financing to be provided pro-rata on a club-deal basis by Alpha Bank S.A., Eurobank S.A. and National Bank of Greece S.A., as well as shareholders’ equity of €51.1 million. The financing is subject to financial closure.
REGlobal’s Views: The Greece solar market is expanding rapidly and global developers are keen to have GW-scale portfolios in the country. Apart from the Amynteo portfolio, RWE Renewables Europe and Australia and PPC Renewables are jointly developing another GW-size solar portfolio in the country, showing the strong investor sentiment in Greece’s solar market.
