PPC Group and Mytilineos Energy & Metals have signed a Co-operation Framework Agreement for the development and construction of a portfolio of solar projects up to 2000 MW in southern and eastern Europe. The value of the deal is estimated at up to €2 billion and is expected to be implemented over the next three years.
The agreement refers to approximately 90 solar projects owned by Mytilineos in Italy (503 MW), Romania (516 MW), Bulgaria (500 MW) and Croatia (445 MW) which are at various stages of development. Under the agreement Mytilineos will undertake the development and construction of these projects, which will then be acquired by PPC Group upon completion of their connection to the electricity grids of the four countries.
The framework agreement is considered to be a landmark for the leading role that Greek companies can play in the wider region and Europe's energy security. For PPC Group, the agreement is an important step towards the implementation of its strategy, recently presented to the investment community for growth in Southeastern Europe, with green energy as a key pillar. With this agreement, PPC Group will expand its ownership of RES projects outside Romania, where it already has a significant presence, to Italy, Bulgaria and Croatia. It aims to have a total of 8.9 GW of installed RES capacity by 2026.
Konstantinos Mavros, deputy CEO and head of RES, PPC Group, commented: "The agreement we have signed creates value for both parties and consolidates our group's presence in southeastern Europe. The gradual addition of new projects to PPC's RES portfolio, in new countries, in accordance with our strategy, [is] allowing us to leverage on our overall planning for the creation of energy corridors in the wider region. Mytilineos’ track record in complex RES projects and previous successful partnerships serve as a guarantee for the smooth and timely implementation of the agreement".
Image courtesy of jniittymaa0 / Pixabay
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