Greek Industrial Group Acquires Solar & Storage Projects

• Mytilineos has acquired 1.48 GW solar PV portfolio in Greece from Egnatia Group along with 25 energy storage projects
• The €56 million deal sees completion of PV projects done on a fast track basis eyeing construction completion by the end of 2023
• It has also contracted its 1^st PPA for 200 MW PV capacity owned by Egnatia Group for €33 per MWh

Mytilineos S.A., a Greek industrial group, has announced acquisition of a solar PV and storage project pipeline in the country from Egnatia Group, in the form of 20 solar farms with 1.48 GW aggregate capacity, 21 battery energy storage projects, 4 energy storage projects combined with solar parks.

All of this is to cost Mytilineos €56 million ($67.68 million). The company says it plans to fast track the completion of the PV capacity targeting construction on the projects to finish by the end of 2023.

This acquisition is part of the company's strategic plans for significant expansion in renewable energy sources in both Greece and abroad, explained Mytilineos that active in the space of metallurgy, energy and EPC.

Energy storage is also high on its list as it considers storage a key parameter for a successful energy transition and for optimization of renewable energy. The management added that with the development of storage projects, the group seeks to create a broad portfolio of power generation plans and 'become a company with advanced capabilities and flexibility, as required for the future energy companies'.

Sharing another development, Mytilineos said it has contracted a 10+5 years' power purchase agreement (PPA) for 200 MW PV capacity owned by Egnatia Group for €33 per MWh as its 1^st such contract. It is to come into effect in 2023.

In all, its green portfolio currently comprises 1.88 GW of wind, solar farms and small hydroelectric plants in Greece. Outside of Greece, its solar farm portfolio comprises 400 MW at construction stage, 120 MW to be up and running in Q2/2021, 501 MW at ready-to-build (RTB) stage, 362 MW RTB projects at the end of 2021/beginning of 2022, and 4 MW at an initial or intermediate licensing stage.

It also now owns 25 electricity storage projects in the pipeline.

Management said the implementation of the specific investment plan is to 'radically change' the profile and size of Mytilineos. It also has a Greek EPC firm Metka Egn covering solar power projects.

The Greek market is seeing great interest in solar. In December 2020, the national Energy Regulatory Authority (RAE) declared it attracted producer certificate applications for 45.55 GW new energy capacity comprising 36.3 GW of solar PV alone (see PPC Renewables Picks METKA EGN For 200 MW Project).