RWE and PPC plan to build the Amynteo Cluster II, which include three new PV projects with a total capacity of 280 MW. The will complete the installations through their joint venture, Meton Energy S.A., which is 51%-owned by RWE Renewables. Construction is set to start in the fall, with commissioning scheduled for next year.
The investment has been estimated at €196 million ($214.5 million) with €98 million to come from the European Union’s post-pandemic recovery fund. The companies are securing about €59 million of the total in the form of commercial debt from several Greek lenders – Alpha Bank, Eurobank, and the National Bank of Greece – in addition to €39 million of shareholders’ equity.
“The financing is subject to financial close,” said the companies in a press release.
The Amynteo Cluster II will not participate in the country’s renewable energy tenders. They will be remunerated via 15-year-long power purchase agreements (PPAs) with PPC. Konstantinos Mavros, chief executive of PPC Renewables, has spoken to pv magazine in the past about plans to build subsidy-free solar farms that sell electricity to PPC via PPAs.
PPC Renewables was the first utility to start working on subsidy-free projects in Greece – a market segment that has progressed slowly. However, this trend is now shifting as several PPA-backed projects are currently underway in Greece.
There is no doubt that under Mavros' leadership, PPC Renewables is taking the lead. A few months ago, pv magazine reported that Heron, a local Greek utility, signed 10-year and 12-year PPAs with RWE and PPC's joint venture, Meton Energy. These PPAs pertain to a different portfolio of solar plants currently under construction.
RWE and PPC's plan for Greece is to develop 2 GW of solar capacity in the country's former lignite regions, such as Western Macedonia. This aligns with Greece's target to establish 3 GW of solar in mining regions.
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