The energy groups RWE and PPC have joined forces to help accelerate the Greek energy transition by developing large-scale solar projects with a total capacity of up to 2 gigawatts (GW) in the country. Through this collaboration, the Greek power utility will continue to decarbonise its portfolio and move to renewable energy sources. For the German RWE, one of the leading producers of renewable power, it marks a first entry into the Greek market.
Following the signing of Heads of Terms earlier this year, RWE Renewables (51%) and PPC Renewables (49%) have signed agreements to form a joint venture company through which they can realise renewable energy projects in Greece together. PPC Renewables will contribute nine solar projects up to a combined total of 940 megawatts (870 MWac), and which are located in northern Greece’s west Macedonia region, within the boundaries of the former Amyntaio open pit lignite mine.
RWE Renewables has secured a Greek photovoltaic project pipeline of similar size for the purpose of including it in the Joint Venture. The photovoltaic projects are in various stages of development: The advanced projects are expected to start operating in 2023. Further early stage projects could follow in 2025. Both parties agreed to keep the financial terms of the transaction confidential.