German energy group RWE and Greek power utility PPC have secured debt financing for the construction of 691 MW/730 MWp of solar parks in Greece, planned to go live in 2025.
The portfolio includes four projects that will receive funds from the country’s Recovery and Resilience Facility (RRF) and additional bank financing, the bank consortium consisting of Alpha Bank, the bank and National Bank of Greece announced.
The projects covered by the deals are being executed by Meton Energy, a joint venture between RWE Renewables ope & 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 196 million euros, including 98 million euros of RRF funds and 59 million euros of bank loans. Meton will provide 39 million euros 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 255.4 million euros, consisting of 127.7 million euros in RRF funds and 76.6 million euros in debt facilities, will be allocated for the 432 MW Orycheio Dei Amynteo project, which will also get 51.1 million euros from Meton’s funds. The PV park will be switched on by end-2025, with its generating being contracted by RWE Supply & Trading for 10 years.
