RWE, PPC obtain funding for 691-MW solar project portfolio in Greece

German energy group RWE AG (ETR:RWE) and Greek power utility PPC SA (ATH:PPC) have secured debt financing for the construction of 691 MW/730 MWp of solar parks in Greece, all planned to go online next year.

The portfolio consists of four projects that will receive funds from Greece’s Recovery and Resilience Facility (RRF) and additional bank financing, the lenders announced on Thursday. The bank consortium consists of Alpha Bank, Eurobank and National Bank of Greece.

The projects covered by the deals are being executed by Meton Energy, a joint venture between RWE Renewables Europe & Australia and PPC Renewables. The partners will install the capacity on a former lignite surface mine in Amynteo, Western Macedonia region.

Three of the projects, totalling 259 MW, will get a total of EUR 196 million (USD 212.2m), including EUR 98 million of RRF funds and EUR 59 million of bank loans. Meton will provide EUR 39 million from its own resources, intending the commission the plants by March 2025. The output of the tree PV farms will be sold to PPC under a 15-year contract.

An additional EUR 255.4 million, consisting of EUR 127.7 million in RRF funds and EUR 76.6 million in debt facilities, will be allocated for the 432-MW Orycheio Dei Amynteo project, which will also get EUR 51.1 million from Meton’s own funds. The PV park will be switched on by end-2025, with its generating being contracted by RWE Supply & Trading for 10 years.

(EUR 1.0 = USD 1.083)

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