Germany’s RWE and Greece’s PPC electrical utilities at present signed an settlement to begin in spring the development of 210 MW of recent photo voltaic pv capability at a former lignite mine in northern Greece. That is the primary stage of the implementation of a 2 GW photo voltaic pipeline within the nation that the 2 firms have been cooperating with since 2019.
Ilias Tsagas
It is a wet day in Athens with fixed bleeding. Nevertheless, Germany’s RWE and Greece’s PPC electrical utilities have taken their first step in direction of creating a 2 GW photovoltaic pipeline geared toward tapping Greece’s wealthy photo voltaic sources.
The 2 firms introduced the development of 5 photo voltaic farms totaling 210 MW within the Western Macedonia area, northern Greece, inside the boundaries of the previous Amynteo open-pit lignite mine. Building work is scheduled to start within the spring and all 5 initiatives must be absolutely operational by the top of the primary quarter of subsequent 12 months.
RWE and the Greek state-owned PPC will proceed their photovoltaic enterprise technique in Greece via a brand new firm, Meton Vitality SA, which they’ve established for this objective. Meton has already signed bilateral energy buy agreements (PPAs) with third events relating to the acquisition of solar energy generated by the vegetation. The length of those PPAs ranges from 10 to fifteen years, mentioned an official press launch.
Meton Vitality has additionally secured financing for many of the €180 million funding required for the event of 5 photo voltaic parks. Of this, €90 million shall be funded by the European Union as a part of Greece’s implementation of the nationwide restoration and stability plan, which is the EU’s post-pandemic restoration plan. The rest shall be lined by business debt financing of €54 million from Greece’s Eurobank and Alpha Financial institution, plus €36 million in shareholders’ fairness. “Financing is topic to monetary shut,” the press launch mentioned.
Via their three way partnership, RWE and PPC are working in direction of a 2 GW photovoltaic pipeline in Greece. PPC has contributed 9 photo voltaic initiatives with a mixed complete of as much as 940 MWp to the three way partnership and RWE has contributed a Greek photovoltaic mission pipeline of comparable dimension, the press launch mentioned.
Meton Vitality gives RWE and PPC the chance to diversify their portfolios away from fossil fuels. Each firms have been sluggish to embrace renewable vitality within the final decade, however the brand new decade marks the shift of their pursuits to inexperienced energy, particularly in Greece’s PPC, which three years in the past introduced the plans to put in 3 GW of recent photo voltaic pv capability in Greece. lignite areas.
Final 12 months, Greece’s plan to part out coal from electrical energy technology entered harmful territory due to the battle in Ukraine and the ensuing vitality disaster. Nevertheless, the Greek authorities says it stays dedicated to the nation’s vitality transition. And, three optimistic developments have marked the previous twelve months relating to photo voltaic installations inside former coal mines.
First, PPC introduced final week that it has reached monetary near construct a separate 230 MW photo voltaic park in a former coal mine. Second, PPC provided this summer time to construct an enormous 550 MW photo voltaic farm that may even be inbuilt a former coal mine. And third, German renewable vitality developer Juwi accomplished a 204 MW photo voltaic plant in a Greek mining area final April. All three developments are separate from the RWE and PPC partnership they usually add to Greece’s efforts to diversify the native financial system in its mining areas.
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