Meton Energy finalizes investment for Orycheio Dei Amynteo solar farm in Greece
In a landmark move for Greece’s energy sector, RWE Renewables Europe & Australia, in partnership with PPC Renewables, has taken a decisive step towards the country’s green transition through their joint venture company, Meton Energy S.A. This collaboration has led to the final investment decision for the construction of Orycheio Dei Amynteo solar farm (Amynteo Cluster III), a new photovoltaic project, marking the completion of the ambitious 940 MWp (870 MWac) Amynteo portfolio. Situated in Western Macedonia, within the former Amynteo open pit lignite mine, this project is a testament to Greece’s commitment to renewable energy and environmental sustainability.
The Amynteo Cluster III, boasting a capacity of approximately 450 MWp (432 MWac), is set to become one of Greece’s most significant solar energy projects. With construction slated to begin in the coming months and commissioning expected by the end of 2025, this initiative is a pivotal element of the joint venture’s strategy to support Greece’s energy transition. The partners are concurrently advancing eight large-scale solar projects (Amynteo Clusters I & II) in the region, totaling 490 MWp (434 MWac), all of which are anticipated to connect to the grid within the year.
The Orycheio Dei Amynteo solar farm has garnered substantial financial backing, securing €255.4 million in investment. Notably, €127.7 million of these funds come from European Union – NextGenerationEU, through the Recovery and Resilience Facility (RRF) plan “Greece 2.0”. The remainder of the funding comprises €76.6 million in commercial debt financing from leading Greek banks and €51.1 million in shareholders’ equity. This financial structure underscores the robust confidence in the project’s viability and its alignment with European green recovery objectives.
Orycheio Dei Amynteo solar farm : RWE and PPC Renewables Forge Ahead with Historic Solar Energy Project in Greece
Katja Wünschel, CEO of RWE Renewables Europe & Australia, highlighted the strategic importance of the project, stating, “In partnership with PPC Renewables, we are accelerating the energy transition in Greece. Our latest investment decision prepares the ground for an additional 450-megawatt photovoltaic plant – RWE’s largest solar project under construction to date.” This sentiment was echoed by Konstantinos Mavros, CEO of PPC Renewables, who emphasized the project’s role in fulfilling Greece’s renewable energy goals and fostering a sustainable future.
Costas Papamantellos, CEO of RWE Renewables Hellas and Meton Energy S.A., praised the swift progress of the Amynteo portfolio’s development, attributing it to the effective collaboration between RWE and PPC teams.
The Orycheio Dei Amynteo solar farm not only represents a significant advancement in Greece’s renewable energy landscape but also sets a new benchmark for solar energy production in Europe. By leveraging the synergies between RWE and PPC Renewables, Meton Energy S.A. is poised to play a crucial role in Greece’s energy transition, contributing to the global efforts against climate change.