The Greek state-owned power utility Public Power Corporation (PPC) will create a joint venture with RWE to develop solar PV projects with a total capacity of 2 GW in Greece. RWE would hold a 51% in the joint venture, and PPC the remaining 49% stake.
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. As part of the preliminary deal, RWE would participate in over 2 GW of solar projects developed by PPC near its mines in Ptolemaida (Western Macedonia). In addition, the company is interested in helping PPC to transform some of its lignite-fired units into biomass-fired plants.
In December 2019, PPC decided to stop operating all of its existing lignite-fired power plants by 2023, i.e., five units at the Agios Dimitrios lignite-fired power plant (around 1.5 GW), two units at Amynteo (nearly 600 MW), Meliti (289 MW), all four Kardia units (1,250 MW), and the two Megalopoli units (511 MW).