RWE in Germany and PPC, a state-owned utility company in Greece, have signed power purchase agreements (PPAs) for three of the five solar energy projects to be built in a former coal mine area in Greece. They will sell the electricity to the local utility company Heron.
RWE from Germany and PPC from Greece are currently constructing five solar power plants with a total power of 210 MW in a former brown coal mining area in the Macedonian region of Greece. These power plants will be put into operation by the end of the first quarter of 2024.
As a joint venture with 51% and 49% shares respectively owned by RWE and PPC, Meton Energy S.A. has signed power purchase agreements (PPAs) for three of the five solar power plants currently under construction.
According to the statement, the buyer is Greek electricity company Heron. The installed capacity of these three photovoltaic power plants was not specified, but it was revealed that the PPA period ranges from 10 to 12 years, involving approximately 192 GWh of solar energy per year. The PPA marks a new beginning in the Greek energy market, as power stations will be developed without subsidies, while this part of the Greek solar market is still in its infancy. In the early years of renewable energy development, renewable energy power stations were based on long-term sustainable electricity prices. Later, Greece shifted towards a renewable energy reward model by competitively setting subsidized electricity prices through auctions. But the RWE-PC joint venture is Greece's boldest and most mature non subsidized energy initiative to date.
