The Greek solar sector is about to bask in a new wave of investment, with Meton Energy’s bold move to commence construction on two colossal photovoltaic projects in Central Macedonia. The Kotyli and Neo Syrakio solar farms, boasting a combined capacity of 567 megawatts peak (MWp), are set to break ground in spring 2025 and commence operation by 2027. This isn’t just another solar project; it’s a testament to Greece’s accelerating energy transition and the power of strategic partnerships.
Meton Energy, a joint venture between RWE Renewables Europe & Australia and PPC Renewables, has secured a €418 million investment, with a significant chunk—€175 million—coming from the European Union’s NextGenerationEU funds. This influx of capital underscores the EU’s commitment to a green recovery and Greece’s pivotal role in this vision. The remaining funds are split between commercial debt from Greek banks and shareholder contributions, highlighting the confidence of both local financial institutions and industry stakeholders.
The projects are more than just numbers on a page. They represent a tangible step towards Greece’s climate goals, with the capacity to power 140,000 households annually. Moreover, they signify job creation and sustainable growth, as emphasized by PPC Renewables CEO Konstantinos Mavros. This is not just about energy; it’s about people and the future they deserve.
RWE Renewables Europe & Australia CEO Katja Wünschel echoed this sentiment, stating, “With our latest investment decision, we underpin once again our strong commitment to the Greek market.” This commitment is evident in the joint venture’s impressive track record. Since its inception in 2021, Meton Energy has energized five solar farms and completed construction on a sixth, with three more projects set to come online by the end of 2025. These nine projects, located in Western Macedonia, will have a combined capacity of 940MWp, bringing the total solar capacity in deployment to roughly 1.5 gigawatts.
The Kotyli and Neo Syrakio projects are more than just an addition to this portfolio; they are a catalyst for further development. They demonstrate the feasibility and attractiveness of large-scale solar projects in Greece, potentially drawing in more investors and accelerating the country’s energy transition. Furthermore, the ten-year bilateral power purchase agreements with PPC and RWE Supply & Trading ensure a stable market for the green electricity produced, providing a blueprint for future projects.
However, the path to a sustainable future is not without its challenges. Grid integration, regulatory hurdles, and public acceptance are just a few of the obstacles that must be overcome. But with strategic partnerships like Meton Energy, a clear vision, and a commitment to innovation, Greece is well-positioned to navigate these challenges and emerge as a leader in the renewable energy sector.
The Kotyli and Neo Syrakio projects are more than just solar farms; they are a beacon of Greece’s renewable energy ambitions. They are a testament to the power of collaboration, the potential of solar energy, and the promise of a sustainable future. As Costas Papamantellos, RWE Renewables Hellas CEO and Meton Energy CEO, aptly put it, “We are delivering our solar projects at an impressive pace.” And with this latest investment decision, they are indeed laying the groundwork for a brighter, greener future.
