In today’s world, banking sector is also actively taking part in setting up renewable energy sector and projects. More and more companies are securing funds and moving ahead to achieve their national or individual energy goals. Following this, RWE and PPC obtain funding for 691MW Greece solar project to speed up nation’s transformation journey.
RWE AG, German energy group, and PPC SA, Greek power utility, are planning to go online next year. For the construction of 691MW (730MWp) solar parks in Greece, both companies have secured debt financing.
Their portfolio has 4 projects that will be receiving funds from Recovery and Resilience Facility (RRF), Greece along with additional bank financing, as announced on Thursday. The team of banks supporting the funding are National Bank of Greece, Eurobank and Alpha Bank.
RWE Renewables Europe & Australia and PPC Renewables form a joint venture, Meton Energy, that will deal with all projects covered. The capacity will be installed in Amynteo, in the Western Macedonia region. Previously, there was a lignite surface mine in this location.
RWE and PPC Funding for Greece Project: Highlights
- 3 projects of around 259 megawatts (MW) will get EUR 196 million ($212.2mm). This will include EUR 98 million RRF funds and EUR 59 million bank loans.
- EUR 39 million from Meton’s resources to commission the plants by March 2025.
- Additionally, EUR 255.4 million – EUR 127.7 million in RRF funds and EUR 76.6 million in debt facilities.
- Meton will fund the 432-MW Orycheio Dei Amynteo project and will also get EUR 51.1 million from its resources.
- Output from these PV farms will be sold under a 15-year contract to PPC
- PV Park will be operational by the end of 2025. Its power generation will be contracted by RWE Supply & Trading for the next 10 years.
Regarding the RWE and PPC obtain funding for 691MW Greece solar project CEO RWE Renewables Europe & Australia, Katja Wünschel said, “In partnership with PPC Renewables we are accelerating the energy transition in Greece. Construction work on our initial five solar farms is well underway and we have made investment decisions to lay the ground for the next three photovoltaic projects. This underpins our strong commitment to the Greek market. And there is more to come from our large-scale development pipeline.”
“The collaboration between RWE and PPC is transforming the country’s energy landscape with renewable energy projects that bring its green future closer. The fact that this new major investment in photovoltaics is taking place where lignite used to be produced exemplifies our unwavering commitment to the green transition. Moreover, with completion scheduled for 2024, it showcases our determination to expedite this transformation as rapidly as possible,” added CEO of PPC Renewables, Konstantinos Mavros.
