Greece's renewable future gets boost with over $460 million solar investment

In a major step toward Greece's renewable energy future, Meton Energy has greenlit a 418 million euro ($461 million) investment in two large-scale solar farms in Central Macedonia. 

The ambitious project, a collaboration between RWE Renewables and PPC Renewables, is set to generate enough clean energy to power 140,000 homes, marking a key milestone in the country's push for sustainability and energy independence, according to Greek media.

The Kotyli and Neo Syrakio solar farms will collectively boast a peak capacity of 567 megawatts (MWp) and are set to begin construction in the spring of 2025. Once operational, the farms will generate enough electricity to power approximately 140,000 homes annually.

The projects will be supported by ten-year bilateral power purchase agreements (PPAs) with PPC and RWE Supply & Trading, ensuring the purchase of the clean energy produced by the solar farms.

The total 418 million euro investment in these solar farms is funded through a combination of 175 million euros from the European Union’s NextGenerationEU funds, via the Greece 2.0 recovery and resilience plan, and 169 million euros from commercial loans secured from Greek banks and shareholder contributions.

Founded in 2021, the Meton Energy joint venture is primarily owned by RWE Renewables Europe & Australia, holding a 51 per cent stake, while PPC Renewables holds the remaining 49 per cent. The partnership has already successfully activated five solar farms with a combined capacity of 210MWp and has completed construction on a sixth project.

Looking ahead, Meton Energy plans to launch three more solar farms by the end of 2025, which will add a combined 625MWp of capacity. This brings the total solar capacity in the region to 940MWp once all projects in Western Macedonia are operational.

Katja Wünschel, CEO of RWE Renewables Europe & Australia, emphasized the significance of this investment for both the company and Greece’s energy future: “With our latest investment decision, we underpin once again our strong commitment to the Greek market with now roughly 1.5 gigawatts of solar capacity in deployment. This great achievement is the result of the excellent cooperation between the teams involved at RWE and PPC. Together we are accelerating the energy transition in Greece.”

PPC Renewables CEO Konstantinos Mavros also spoke about the partnership’s impact, saying, “In Central Macedonia, we are creating a new and sustainable future. Our cooperation with RWE has proven to be an excellent demonstration of what we can do when we work together. Both our current projects in the old lignite mines in Amyntaio and the new investment in Central Macedonia mean more new jobs both in the construction and operation phases, and a promise for sustainable growth and a brighter future for Greece.”

Costas Papamantellos, CEO of both RWE Renewables Hellas and Meton Energy, highlighted the swift progress the projects have made: “We are delivering our solar projects at an impressive pace. The first cluster of the Amynteo portfolio is already energised, construction works for Amynteo Clusters II and III are at an advanced stage, and we are looking forward to connecting all projects to the grid this year. By taking this FID, we have laid the ground for our next two large-scale photovoltaic projects in Greece, which will contribute to reaching the country’s climate goals.”

By Naila Huseynova