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RWE and PPC joint venture take FID on 450 MW solar PV project in Greece

Meton Energy, a joint venture formed by the German energy company RWE and the Greek state-owned power utility Public Power Corporation (PPC), has reached a final investment decision (FID) for the development of the 450 MW Orycheio Dei Amynteo (Amynteo Cluster 3) solar PV project in Greece. The €255m project is located in Western Macedonia (Northern Greece) and construction is scheduled to start later in 2024, with commissioning planned by the end of 2025. Financing for the project have been secured from the NextGenerationEU funds via the Recovery and Resilience Facility (RRF) plan “Greece 2.0” (€127.7m), commercial debt to be provided pro-rata on a club-deal basis (€76.6m) and shareholders’ equity (€51.1m), and is still subject to financial close. Meton Energy signed a 10-year bilateral power purchase agreements (PPA) with PPC and RWE Supply & Trading to supply them with the clean energy produced by the project. 

In October 2021, PPC and RWE announced the formation of a joint venture to develop large-scale solar PV projects with a total capacity of up to 2 GW in Greece, with RWE holding a 51% stake and PPC the remaining 49%. Meton Energy is developing a total portfolio of 940 MW and is planning to connect 490 MW to the grid during 2024. 

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