The Greek state-owned power utility Public Power Corporation (PPC) has officially formed a joint venture with RWE to develop large-scale solar PV projects with a total capacity of up to 2 GW in Greece. RWE will hold a 51% stake in the joint venture, and PPC the remaining 49% stake. PPC Renewables will contribute nine solar projects totalling 940 MW located in the west Macedonia region (northern Greece), within the boundaries of the former Amyntaio open pit lignite mine. RWE Renewables has secured a Greek photovoltaic project pipeline of similar size. The advanced projects are expected to be start operations in 2023 and early stage projects should be commissioned in 2025.
In March 2020, RWE had already signed a Memorandum of Understanding (MoU) with PPC to cooperate on the development of renewable projects in Greece. RWE intends to invest €1bn in the Greek renewable market by 2025.