solar energy
Image credit: esi-africa.com

Greece-based industrial conglomerate MYTILINEOS is expanding its presence in the country’s renewable energy and energy storage market.

MYTILINEOS is acquiring a portfolio of 20 solar energy farms, with a total capacity of 1,48GW, from EGNATIA Group.

The solar energy projects will be completed by the end of 2023.

The two companies have also agreed on a deal in which MYTILINEOS will acquire some 21 battery energy storage projects and four solar+energy storage projects from EGNATIA Group.

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The developments are part of efforts by MYTILINEOS to play a key role in Greece’s energy transition, as well as to prepare itself for future business models.

The announcements come after MYTILINEOS contracted a power purchase agreement of 200MW from solar parks owned by EGNATIA GROUP for €33/MWh ($40/MWh) and for a period of 10+5 years.  

This PPA is expected to take effect in 2023. 

The developments have expanded MYTILINEOS’ Greek portfolio of green energy to 1.480MW at a mature licensing stage, 300MW at the stage of operation and construction and 100MW waiting for final investment decision at the end of 2021.

Abroad, the firm’s portfolio of solar energy comprises 400MW at the stage of construction, 120MW to be completed with commercial operation due in the second quarter of 2021, 501MW is ready to be built and 4,000MW is at an initial licensing stage.

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Abroad, the firm also has a pipeline of 25 electricity storage projects and 200MW in a signed PPA with a third party, at a mature licensing stage.