EY Hellas acted as financial advisor to METON Energy S.A., a joint venture of RWE Renewables Europe & Australia (51%), and PPC Renewables S.A. (49%), for the financing of flagship solar energy projects in Amyndeon, Western Macedonia. 

EY supported the company in the largest ever financing in the renewable energy (RE) sector in Greece at project group level, under the supported loan secured by the European Union's NextGenerationEU funds through the European Union's Recovery and Resilience Fund (RDF). 

Specifically, the investment projects involve the installation of nine photovoltaic parks of 940 MWp (870 MWac) capacity, with a total investment cost of €631 million, securing total resources from the CDF of €315 million as well as €189 million in commercial financing from partner banking institutions. And recently, the loan agreements for the second and third groups of PV projects have been signed.

These flagship projects constitute the largest photovoltaic park under construction in Europe, consisting of groups of projects concentrated in a single geographical area, and are located on former lignite mining sites, marking the transformation of the mines into a symbol of sustainable energy and progress for Greece. The photovoltaic park covers an area of 20,000 acres, making it a truly impressive landmark for the renewable energy sector.

On behalf of EY Hellas, the project was led by Mr. Andreas Karameros, Partner, Department of Financial Advisory, Corporate Strategy and Transactions, and Head of Financial Services for the Energy Sector, and Mr. Nikos Bris, Director, Financial Advisors, Corporate Strategy and Transactions Department, and Head of Transaction, Financing, and Lending Services under the Recovery and Resilience Fund.

On the occasion of a recent visit of the EY team to the construction site of the projects, Mr. Tasos Iosifidis, Partner and Head of Financial Advisory, Corporate Strategy and Transactions, and Head of the Energy and Utilities Sector of EY Greece, said: "We are proud of our contribution to the completion of the financing of these flagship projects, which actively contribute to the achievement of the ambitious targets set for the development of green energy in Greece. The investment by RWE and PPC, with EY as a financial advisor, confirms the country's ability to play a leading role in the transition to a new model of sustainable development, leveraging the resources of the TAA and, at the same time, attracting international investment funds of high expertise and added value. EY's teams have the comprehensive expertise required to support similar projects, ensuring the confidence of large foreign groups investing in our country."

It is noted that Greece is among the top three RES markets worldwide, as it is ranked second in the most recent edition of EY's relevant index, which examines the performance of countries adjusted according to the size of their GDP. EY's semi-annual index, the Renewable Energy Country Attractiveness Index (RECAI), assesses the world's top 40 economies and ranks them on the attractiveness of investment opportunities in renewables. The GDP-adjusted index gives a more objective picture of reality, capturing the performance of countries relative to their economic size.