Meton Energy, a joint venture between renewable energy companies RWE and PPC, has made the final investment decision (FID) for the construction of a new solar project in Greece.

The proposed new solar farm, dubbed Orycheio Dei Amynteo (Amynteo Cluster III), will have a total capacity of around 450MWp (432MWac).

It is planned to be constructed within the boundaries of the previous Amynteo open-pit lignite mine site in Western Macedonia, Northern Greece.

The project will entail an investment of €255.4m, with €127.7m sourced from European Union-NextGenerationEU funds, under the Recovery and Resilience Facility (RRF) plan ‘Greece 2.0’.

The remaining €76.6m will be financed through a commercial debt facility from Alpha Bank, Eurobank and National Bank of Greece, along with shareholders’ equity of €51.1m.

Meton Energy will begin the construction works on the project in the coming few months, with plans to complete the commissioning works by the end of 2025.

RWE Renewables Europe and Australia CEO Katja Wünschel said: “In partnership with PPC Renewables we are accelerating the energy transition in Greece. Construction work on our first eight solar farms is well underway.

“With our latest investment decision, we have prepared the ground for an additional 450-megawatt photovoltaic plant – RWE’s largest solar project under construction to date.

“This underpins our strong commitment to the Greek market with nearly one gigawatt of solar capacity under construction and large-scale solar projects of similar size under development.”

Amynteo Cluster III solar farm represents the last project in the 940MWp (870 MWac) Amynteo portfolio, which also comprises Amynteo Clusters I and II.

The project partners have already started construction on eight large-scale solar projects in the Amynteo Clusters I and II, with a total capacity of 490 MWp (434MWac).

The photovoltaic plants are scheduled to be connected to the grid this year.

Meton Energy has signed a 10-year power purchase agreement (PPA) with PPC and RWE Supply & Trading for the green electricity produced by the Orycheio Dei Amynteo solar farm.

Furthermore, the joint venture between RWE Renewables Europe and Australia (51%) and PPC Renewables (49%) is developing a solar project pipeline of similar size in Greece.

PPC Renewables CEO Konstantinos Mavros said: “The collaboration between PPC Renewables and RWE Renewables Europe & Australia under Meton Energy S.A. underscores our shared dedication to fostering Greece’s energy transition.

“By accelerating the development of our solar projects with a combined capacity of nearly one gigawatt, we are actively contributing to the country’s renewable energy goals.”

RWE Renewables Hellas CEO and Meton Energy CEO Costas Papamantellos said: “Within one year, the joint venture company has successfully developed and taken investment decisions on all three clusters of the Amynteo portfolio with a total capacity of 940MWp, and is looking to connecting 490MWp to the grid already this year.”