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RWE and PPC approve €418mn investment for two solar projects in Greece

RWE and PPC are launching two photovoltaic projects in Central Macedonia totalling 567 MWp, with an investment of €418mn, including €175mn from the European recovery plan.

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Meton Energy S.A., a joint venture between RWE Renewables Europe & Australia (51%) and PPC Renewables (49%), has confirmed the final investment decision for the construction of two large-scale solar parks located in Central Macedonia, northern Greece. The photovoltaic plants of Kotyli and Neo Syrakio will have a combined capacity of 567 megawatt-peak (MWp), equivalent to 518 megawatts alternating current (MWac). Construction is expected to begin in spring 2025, with commissioning scheduled for 2027.

Financial structure and contractual agreements

The total investment for the two projects is estimated at €418mn, of which €175mn will be allocated via the European recovery plan “Greece 2.0”, backed by the NextGenerationEU programme. The remaining €243mn is being financed through €169mn in commercial debt provided by Greek banks, complemented by shareholder equity contributions. Ten-year Power Purchase Agreements (PPAs) have been signed with Public Power Corporation (PPC) and RWE Supply & Trading for the sale of the generated electricity.

Progress of projects in Western Macedonia

Meton Energy S.A. is also overseeing a portfolio of nine separate photovoltaic projects within the former open-cast lignite mine of Amynteo, located in Western Macedonia. To date, five solar farms with a combined capacity of 210 MWp are already operational, while construction of a sixth project totalling 105 MWp has been completed and is awaiting grid connection. An additional three solar farms, amounting to 625 MWp, are expected to be commissioned before the end of 2025.

Expansion of the solar portfolio

Altogether, the solar projects implemented in the former mining area of Amynteo reach a capacity of 940 MWp (870 MWac). These initiatives are part of the energy diversification strategy of both partners, thereby strengthening their footprint in the Greek market. According to estimates, the annual energy output from the new installations in Central Macedonia will be sufficient to meet the electricity needs of over 140,000 households.

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