RWE to partner with PPC Greece for new solar projects

German energy utility company RWE and PPC Renewables have partnered to build more than 200MW of solar capacity in Greece to expedite the country’s energy transition. Through their joint venture company Meton Energy, RWE and PPC have taken the final investment decision on five solar photovoltaic (PV) projects.

With a combined capacity of 210MWp (175MWac), the five solar PV projects will be developed in the Western Macedonia region in the north of Greece. Construction works at the sites are due to begin in the coming months and the projects are expected to become operational by the second quarter of next year.

The solar projects will require a total investment of €180m ($196m), €90m ($98m) of which will be financed by the European Union’s NextGenerationEU funds under the Recovery and Resilience Facility (RRF) plan ‘Greece 2.0’. They will also receive €54m of commercial debt financing from Eurobank and Alpha Bank, as well as €36m in shareholders’ equity.

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