RWE and PPC to build solar projects with 280 megawatts of capacity in Greece

• Investment decisions made for construction of three photovoltaic projects (280 MWp / 259 MWac) in Western Macedonia
• Start of construction expected this autumn; commissioning in 2024
• Total investment of €196 million planned, €98 million of which will be made available by RRF, and €59 million commercial debt secured on pro-rata club-deal basis by Alpha Bank S.A., Eurobank S.A. and National Bank of Greece S.A.
• Power Purchase Agreements signed with PPC
• Construction of further five solar projects well underway

The two leading energy groups RWE and PPC continue to accelerate the Greek energy transition. Through their joint venture company Meton Energy S.A., RWE Renewables Europe & Australia (51% share) and PPC Renewables (49% share) have taken the final investment decisions for the construction of an additional portfolio of three photovoltaic projects
(Amynteo Cluster II).

The three solar farms with a total capacity of around 280 MWp (259 MWac) are located in Western Macedonia in Northern Greece, within the boundaries of the former Amynteo open pit lignite mine. Construction work is scheduled to start this autumn. All three projects of Amynteo Cluster II should be fully operational by the end of 2024. The partners are already constructing five large-scale solar projects (Amynteo Cluster I) in the region, with a total of 210 MWp (175 MWac) capacity.

Through the respective project companies, Meton Energy S.A. has signed 15-year bilateral Power Purchase Agreements with PPC, which will purchase the green electricity produced by the three new solar farms. For the €196 million investment in Amynteo Cluster II, €98 million of European Union – NextGenerationEU funds have been secured via the Recovery and Resilience Facility (RRF) plan “Greece 2.0”. The remaining amount is being financed through a €59 million commercial debt financing (co-financing) to be provided pro-rata on a club-deal basis by Alpha Bank S.A., Eurobank S.A. and National Bank of Greece S.A., as well as shareholders’ equity of €39 million. The financing is subject to financial close.

Including the projects under construction, Meton Energy S.A., the joint venture between RWE Renewables Europe & Australia and PPC Renewables, is developing large-scale solar projects in Greece with a total capacity of up to 2,000 MWp. PPC Renewables has contributed nine solar projects with a combined total capacity of up to 940 MWp (870 MWac) to the joint venture, while RWE Renewables has contributed a Greek photovoltaic project pipeline of similar size.

Katja Wünschel, CEO RWE Renewables Europe & Australia: “In partnership with PPC Renewables we are accelerating the energy transition in Greece. Construction work on our initial five solar farms is well underway and we have made investment decisions to lay the ground for the next three photovoltaic projects. This underpins our strong commitment to the Greek market. And there is more to come from our large-scale development pipeline.”

Konstantinos Mavros, CEO of PPC Renewables: “The collaboration between RWE and PPC is transforming the country’s energy landscape with renewable energy projects that bring its green future closer. The fact that this new major investment in photovoltaics is taking place where lignite used to be produced exemplifies our unwavering commitment to the green transition. Moreover, with completion scheduled for 2024, it showcases our determination to expedite this transformation as rapidly as possible.”

Costas Papamantellos, CEO of RWE Renewables Hellas and CEO of Meton Energy S.A.: “Further to the investment decision earlier this year on the first five projects of our Amynteo pipeline, we have now reached the second major milestone by taking the investment decision for the next photovoltaic plants. Long-term financing agreements are in place, and the route to market has been secured via signed Power Purchase Agreements with PPC. We will continue to develop the rest of our joint solar pipeline at the same fast pace.”

Forward-looking statements

This press release contains forward-looking statements. These statements reflect the current views, expectations and assumptions of management, and are based on information currently available to management. Forward-looking statements do not guarantee the occurrence of future results and developments and are subject to known and unknown risks and uncertainties. Actual future results and developments may deviate materially from the expectations and assumptions expressed in this document due to various factors. These factors primarily include changes in the general economic and competitive environment. Furthermore, developments on financial markets and changes in currency exchange rates as well as changes in national and international laws, in particular in respect of fiscal regulation, and other factors influence the company’s future results and developments. Neither the company nor any of its affiliates undertakes to update the statements contained in this press release.