Two leading energy groups RWE and PPC continue to forge ahead with Greece’s energy transition through their joint venture company Meton Energy S.A. The company has taken the final investment decision for the construction of two large-scale photovoltaic (PV) projects in the Prefecture of Central Macedonia in Northern Greece. The solar farms Kotyli and Neo Syrakio will have a total capacity of 567 MWp (518 MWac). Commissioning of the plants is expected in 2027. The estimated annual energy generation of the project is expected to be sufficient to meet the energy needs of more than 140,000 households.
The project company Meton Energy S.A. has signed 10-year bilateral Power Purchase Agreements (PPA) with PPC and RWE Supply & Trading, which will purchase the green electricity produced by the new solar farms. For the €418 million investment, €175 million of European Union – NextGenerationEU funds have been secured via the Recovery and Resilience Facility (RRF) plan ‘Greece 2.0’ and the remaining amount is being financed through a €169 million commercial debt financing, as well as shareholders’ contribution.
Together, RWE Renewables Europe & Australia (51%) and PPC Renewables (49%) have already energised five solar farms (210 MWp in total) and finished construction of a sixth project (315 MWp completed in total) with energization expected in due course. Further three solar farms (625 MWp) are planned to be operational by the end of 2025.
