PPC, or DEI in Greek, formally entered its largest joint venture in 2021 with German energy giant RWE. It took the domestic company less than five years to swing from deep losses to a nearly completed coal phaseout and a regional expansion at full speed.
The government-controlled utility recently raised EUR 4.5 billion in a capital offering, after finishing construction works within its solar power portfolio of 2.13 GW in peak capacity. All the major units and clusters are in Western Macedonia, in the country’s north. The region hosts the larger of Greece’s two coal hubs, both undergoing major technological and energy transformation. Total lignite phaseout is nearly over, with just one thermal power plant left using the solid fossil fuel.
RWE and PPC Group are cooperating in Greece through their joint venture Meton Energy, with ownership shares of 51% and 49%, respectively. In their most recent update, they said the firm has commissioned the last of its nine solar farms in Western Macedonia.
They are grouped in three PV clusters with 930 MW in overall peak capacity and 884 MW in grid connection terms. The units are within the boundaries of the former Amynteo open-cast lignite mine.
PPC Group aims to reach 19 GW in renewable electricity capacity by the end of the decade
Estimated annual output is equivalent to the electricity needs of 400,000 domestic households. Meton Energy has agreed with local authorities to invest in compensatory projects within the region as well as to engage in community sponsorships and donations.
“The completion of these projects highlights PPC’s commitment to Greece’s energy transition and our footprint in Western Macedonia in particular. We will continue to invest in renewables, aiming for 19 GW by the end of 2030. At the same time, we are strengthening our momentum by rapidly integrating energy storage projects into our portfolio, as well as with the company’s transformation into a powertech group,” said PPC Groups Deputy Chief Executive officer Konstantinos Mavros, in charge of renewables.
The projects symbolise a new chapter for Western Macedonia – a region that is steadily but surely transforming from being a centre of lignite-based power generation into a hub for renewable energy, according to Charilaos Mitrelias, CEO of RWE Renewables Hellas and Meton Energy.
“Through our partnership with PPC, we are not only investing in clean power, but also in sustainable new opportunities for local communities and skilled jobs for the future. The successful completion of these solar farms strongly demonstrates the extent to which great collaboration can contribute towards Greece achieving its energy transition targets,” he pointed out.
In addition, the partners are building PV systems Kotyli and Neo Syrakio in Central Macedonia. Their combined peak capacity is 567 MW, while 518 MW of alternating current would be delivered to the transmission network.
The companies plan to commission the two units next year and generate enough power for more than 240,000 Greek households.
Notably, PPC Group said in early June that it agreed to buy wind farms and PV projects from Motor Oil Hellas’s renewables division MORE. The deal was for six power plants in Fthiotida, Florina and Fokida with 26 turbines in total, and MORE’s remaining 51% stake in 12 project firms for 1.18 GW altogether. The transaction is boosting PPC’s ownership to 100%.
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