German energy giant RWE and Greek renewables developer PPC have solidified plans to construct a groundbreaking 450MWp solar project in Greece. This collaborative endeavor, managed through their joint venture entity, Meton Energy SA, represents a pivotal milestone in expanding the companies' combined portfolio in the region to a robust 940MWp.
Dubbed the Orycheio Dei Amynteo project, this initiative marks the culmination of efforts within the Amynteo portfolio situated in Western Macedonia. With construction set to commence in the forthcoming months, the project is slated for completion by 2025.
Under the terms of the agreement, Meton Energy has secured a power purchase agreement (PPA) with both RWE and PPC, ensuring the procurement of power generated from the new facility. Financial commitments toward the development total approximately US$274.9 million (€255.4 million), with a notable portion of US$137.5 million (€127.7 million) sourced from the EU's NextGenerationEU fund.
PPC CEO Konstantinos Mavros expressed enthusiasm, stating, “We are pleased to announce the final investment decision for yet another significant solar project in Greece, marking a crucial step forward in our commitment to sustainable clean energy.”
Katja Wünschel, CEO of RWE Renewables Europe and Australia, highlighted the significance of the Orycheio Dei Amynteo project, stating it as the company's largest undertaking to date. This joint effort not only underscores the companies' strategic objectives but also aligns with Greece's broader energy transition initiatives.
Greece, while predominantly reliant on natural gas for energy needs, has witnessed a notable surge in renewables in recent years. According to data from the International Energy Agency, wind and solar electricity generation nearly doubled from approximately 9,500GWh in 2017 to around 17,000GWh in 2022.
The Greek government's revised National Energy and Climate Plan, submitted to the EU, underscores a robust commitment to renewable energy. By aiming to meet 80% of energy demand with electricity from wind and solar by the end of the decade, Greece underscores its intent to lead the charge towards sustainable energy solutions.
Forecasted trends suggest a shift towards solar dominance in the energy landscape, with solar capacity projected to surpass that of wind by 2030. Greece aims to achieve 13.4GW of solar capacity alongside 9.5GW of wind capacity by this date, paving the way for continued investment in the solar sector by foreign power entities.
