Construction on the solar project is expected to begin in the coming months. Credit: OKAWA PHOTO/Shutterstock.com.

Meton Energy, a joint venture (JV) by RWE and PPC, has taken a final investment decision (FID) on the 450MW Orycheio Dei Amynteo solar farm in Western Macedonia, Greece.

Construction of the solar project will bring the two companies’ joint portfolio to 1GW.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

This will be the third cluster of the Amynteo portfolio. Amynteo clusters I and II, which comprise eight solar projects, are already being built by the partners.

They will have a total capacity of 490MW and will be connected to the grid in 2024.

The JV, in which RWE Renewables Europe & Australia and PPC Renewables hold 51% and 49% stakes, respectively, is also developing a Greek solar pipeline of similar size.

Construction on the project is expected to begin in the spring of 2024. It will be commissioned by the end of 2025.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Meton Energy has secured ten-year bilateral power purchase agreements with PPC and RWE Supply & Trading for the green electricity produced by the new solar farm.

The investment in Orycheio Dei Amynteo totals €255.4m (£217.8m), with €127.7m provided through the EU’s NextGenerationEU’s Recovery and Resilience Facility plan.

The remaining funds will come from a €76.6m debt financing provided by Alpha Bank, Eurobank and the National Bank of Greece, alongside a shareholders’ equity contribution of €51.1m.

RWE Renewables Europe & Australia CEO Katja Wünschel stated: “In partnership with PPC Renewables, we are accelerating the energy transition in Greece. Construction work on our first eight solar farms is well under way.

“With our latest investment decision, we have prepared the ground for an additional 450MW photovoltaic plant – RWE’s largest solar project under construction to date. This underpins our strong commitment to the Greek market with nearly 1GW of solar capacity under construction and large-scale solar projects of similar size in development.”

PPC Renewables CEO Konstantinos Mavros stated: “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. The collaboration between PPC Renewables and RWE Renewables Europe & Australia under Meton Energy SA underscores our shared dedication to fostering Greece’s energy transition.

“By accelerating the development of our solar projects with a combined capacity of nearly 1GW, we are actively contributing to the country’s renewable energy goals. This venture is a testament to the strength of our partnership and our unwavering focus on creating a cleaner, more sustainable energy future for Greece.”

In January 2023, RWE and PPC Renewables partnered to build five solar plants with a total capacity of 210MW in the country.