Greek Companies PPC Group and MYTILINEOS Energy & Metals Ink €2 Billion Agreement for Solar Projects in Southern Europe

In a significant move towards bolstering renewable energy infrastructure in Southern Europe, Greek companies PPC Group and MYTILINEOS Energy & Metals have finalized a Cooperation Framework Agreement (CFA) valued at up to €2 billion. The deal focuses on the development and construction of a sprawling portfolio of solar projects totaling 2000MW across Italy, Bulgaria, Croatia, and Romania.

Under the terms of the agreement, MYTILINEOS will spearhead the development and construction of approximately 90 solar projects currently owned by the company in the aforementioned countries, with a combined capacity breakdown of 503 MW in Italy, 516 MW in Romania, 500 MW in Bulgaria, and 445 MW in Croatia. Upon completion and connection to the respective electricity grids, these projects will be acquired by PPC Group.

This landmark agreement underscores the growing role of Greek enterprises in the region’s energy landscape and signifies a significant milestone in Europe’s transition towards sustainable energy sources. The renewable energy projects slated for development are anticipated to power approximately 320,000 households and mitigate the emission of 3.4 million tonnes of CO2.

For PPC Group, the agreement marks a strategic advancement in its expansion plans in Southeastern Europe, with a particular focus on green energy initiatives. With a target of reaching 8.9 GW of installed renewable energy capacity by 2026, PPC aims to capitalize on diverse geographical conditions across different regions.

Similarly, for MYTILINEOS Energy & Metals, the agreement aligns with the company’s broader growth strategy under its M Renewables arm. With a portfolio totaling 10,500 MW post-agreement, MYTILINEOS aims to fortify its presence in international markets, including recent forays into Canada. Notably, the agreement will expedite MYTILINEOS’ investment plan in Italy, further solidifying its foothold in the country’s energy sector.

Executives from both companies expressed confidence in the partnership, citing previous successful collaborations and highlighting the potential for further advancements in sustainable energy solutions. The agreement not only underscores the capabilities of Greek entrepreneurship on a global scale but also signifies a pivotal step towards a greener future for the region and beyond.