“Iron” and RWE-PPC forge bilateral contract paving the way for Greece’s renewable energy goals

RWE and PPC Renewables, through their joint venture “Meton Energy,” have secured long-term electricity purchase agreements (PPAs) with “Iron,” a subsidiary of GEK TERNA. The PPAs involve the purchase of approximately 192 gigawatt hours of green electricity annually. This power will be generated by three photovoltaic stations being constructed in the Region of Western Macedonia. The ongoing construction work includes these stations as well as two additional ones, with a combined capacity of around 210 MWp (175 MWac). The ambitious target is to have all five projects fully operational by the end of the first quarter of 2024.

By entering into these PPAs, “Iron” aims to meet a significant portion of its supply portfolio needs while actively promoting the adoption of renewable energy for its customers. Optimus Energy, a subsidiary of “Iron,” will play a crucial role by providing representation contracts for the photovoltaic plants. These contracts cover important aspects such as balancing services and access to the wholesale energy market, bolstering the long-term viability of the PPAs.

The agreements not only strengthen “Iron’s” corporate client portfolio but also solidify Optimus Energy’s leading position in the representation of renewable energy stations. These PPAs mark an important milestone in Greece’s transition to a greener and more sustainable energy future. Additionally, the joint venture between RWE and PPC Renewables is at the forefront of innovation, as it represents the first instance of signing long-term representation service contracts. This demonstrates their commitment to expanding and optimizing the role of representation services within the framework of long-term PPAs.

By leveraging RWE’s expertise as a global leader in renewable energy production and its existing portfolio of green energy, the PPAs contribute to the long-term profitability and operation of the photovoltaic plants. With the region’s transition from lignite mining to renewable energy generation, these agreements showcase the commitment of all parties involved to ensure the successful integration of clean and sustainable power sources.

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