Greek renewable energy projects developer MYTILINEOS Energy & Metals has secured €400 million in financing from the European Investment Bank (EIB) to deploy a new portfolio of solar and storage projects in the European Union (EU).
These proceeds will enable it to implement close to 2.6 GW of new renewable energy capacity through 2027. The projects are planned to be installed within less developed and transition areas within Greece and the EU.
According to the EIB, this financing will support solar and battery energy storage projects in Italy, Poland, Romania, Spain, Ireland and Bulgaria, apart from Greece. These will generate revenues from commercial power purchase agreements (PPA), and sale of power in the wholesale market.
MYTILINEOS pegs the total value of these projects at €2.5 billion. Part of the EIB proceeds will also help upgrade the existing electricity grid, the duo added. The Greek company counts the total capacity of its international renewable energy portfolio as exceeding 11.9 GW.
The bank has agreed to provide the financing for a 10-year period as part of its tailored package to support EU's REPowerEU plan to lower its dependence on fossil fuels.
"Scaling up renewable energy investment is crucial to harnessing Greece's solar and energy storage potential and contribute to Europe's energy transition," said EIB Director General Jean-Christophe Laloux. "To reach ambitious carbon reduction targets, Europe's green and sustainable future must be significantly accelerated with projects such as this one, increasing the use of renewables, storage infrastructure, and preventing waste."
In September 2023, the EIB approved a framework financing of up to €1.7 billion for Solaria Energia of Spain to build 5.6 GW of new solar PV capacity by 2028 (see €2.3 Billion To Flow Into European Renewable Energy Projects).
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