- RWE and PPC to invest $196 million in six solar projects in Greece
- The investment decision was taken by the joint venture company they had set up
- The solar projects will become operational by Q1 end 2024
- PPAs have been signed with third parties for the use of power generated by the solar projects
German energy giant RWE has announced that it has joined forces with power utility firm, Public power Corp., (PPC) to build five photovoltaic projects in Greece. A joint venture company set by them – Meton Energy SA, where RWE Renewables hold 51%, and PPC Renewables hold 49% – has been responsible in taking the final investment decision for these projects. The investment is about $196 million.
The solar projects will be located in Western Macedonia region in the north of Greece, and the construction is expected to begin by spring this year. All the five projects are expected to be operational by the end of the first quarter of 2024.
Speaking about this partnership, CEO of RWE AG Markus Krebbe said, “As RWE we are strongly committed to forge ahead the expansion of renewable energies. We are excited about how well our partnership with PPC Renewables is progressing. This year we will start building five large-scale solar farms to support the energy transition in Greece – one of the sunniest countries in Europe. And this is only the beginning – we are looking forward to working with PPC to develop more photovoltaic projects in the country.”
Echoing similar sentiments, Chairman and CEO of PPC Georgios Stassis said, “Clean energy is at the heart of PPC’s strategic planning with the development of renewable energy projects, storage technologies and green hydrogen. I am convinced that renewables combined with storage technologies will form the backbone of the electricity system in the next decade worldwide. We continue to invest independently in renewable energy projects, but also in cooperation with strong partners, such as RWE. The development of the large photovoltaic projects in Western Macedonia demonstrates our commitment to the energy transition of both PPC and Greece, while simultaneously supporting the role of Western Macedonia as the energy hub of the country.”
Meanwhile, Meton Energy S.A. has signed bilateral power purchase agreements with third parties who will purchase the green electricity produced by these solar farms. The duration of the PPAs range between 10 and 15 years.