RWE sets itself more ambitious climate targets – CO₂ reductions now in line with 1.5-degree path
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Greece is one of the sunniest countries in Europe and has ambitious growth plans for renewable energies. Two highly experienced energy groups, RWE and PPC, have joined forces to help accelerate the Greek energy transition by developing large-scale solar projects with a total capacity of up to 2 gigawatts (GW) in the country. Through this collaboration, the Greek power utility will continue to decarbonise its portfolio and move to renewable energy sources. For RWE, one of the leading producers of renewable power, it marks a first entry into the Greek market.
Konstantinos Mavros, CEO of PPC Renewables: “PPC is committed to leading the energy transition in the country. Our extroversion is essential for the group’s transformation. Together with strong partners we are on track to meet our ambitious targets and drawing our own green deal. Today marks a significant milestone in our journey, we welcome RWE to Greece and look forward to co-developing projects of unprecedented scale in the country.”
Katja Wünschel, COO Onshore and PV Europe and Asia-Pacific of RWE Renewables: “European collaborations, like our partnership with PPC, are essential to making the energy transition happen. Greece is a promising growth market for us, with its high solar energy levels and clear commitment to renewables. As one of the world’s leading renewable energy companies we will contribute significantly with our experience and knowledge to ensure this cooperation is a success. Growing new renewable energies is the clear focus for RWE.”
Following the signing of Heads of Terms earlier this year, RWE Renewables (51%) and PPC Renewables (49%) have signed agreements to form a joint venture company through which they can realise renewable energy projects in Greece together. PPC Renewables will contribute nine solar projects up to a combined total of 940 megawatts (870 MWac), and which are located in northern Greece’s west Macedonia region, within the boundaries of the former Amyntaio open pit lignite mine. RWE Renewables has secured a Greek photovoltaic project pipeline of similar size for the purpose of including it in the Joint Venture. The photovoltaic projects are in various stages of development: The advanced projects are expected to start operating in 2023. Further early stage projects could follow in 2025. Both parties agreed to keep the financial terms of the transaction confidential.
The partnership’s complementary strengths will accelerate the successful deployment of these renewable energy projects. RWE Renewables has an extensive track record and expertise in engineering, financing, construction and operations of renewable energy projects. The company has an operational renewables portfolio with an installed capacity of more than 9 GW and is currently constructing photovoltaic plants with a total capacity of 1.4 GW (1.2 GWac) worldwide. PPC Renewables has in-depth knowledge of the Greek energy market, strong relationships with key stakeholders and is well positioned to provide strong local management. Underlining their long-term commitment to the Greek market, RWE Renewables and PPC Renewables have the ambition to extend their cooperation to further photovoltaic projects as well as new opportunities.
PricewaterhouseCoopers Business Solutions S.A. acted as Financial Advisor to PPC for the transaction.