Greece’s Mytilineos Acquires 1.48 GW Solar Portfolio, 21 Battery Storage Projects

Greece-based industrial conglomerate – Mytilineos has announced it has completed the acquisition of a portfolio of 20 solar farms in progress with a total capacity of 1.48 GW, owned by Egnatia Group, as part of its strategic planning for a significant expansion in Renewable Energy Sources (RES), both in Greece and abroad.

The entire portfolio has been included into the fast-track process, while it is estimated that construction will be completed by the end of 2023. In addition, the firm will acquire a pipeline portfolio of 21 battery energy storage projects, as well as 4 additional battery energy storage projects combined with solar parks, all developed by Egnatia.

The firm claims that it is leading the way by heavily investing in energy storage, as it is a key parameter for a successful energy transition and for the optimisation of RES’ operation. The Greek firm by developing storage projects, seeks to create a broad portfolio of power generation plants, and become a Company with advanced capabilities and flexibility, as required for the future energy companies.

The total cost for both the solar and storage portfolio stands at EUR 56 Mn*.

Finally, in another “first” for the Greek Energy Transition, The firm has contracted a power purchase agreement (Corporate PPA) of 200 MW capacity, from solar parks owned by Egnatia Group, for EUR 33/MWh and for a period of 10+5 years. This PPA is expected to take effect during 2023.

The Company’s “green” portfolio now consists of: 

RES in Greece (wind farms, solar farms, small hydroelectric plants) 

• 1.480 MW at a mature licensing stage. 

• 300 MW at the stage of operation, construction or Ready To Build (RTB) 

• 100 MW for Final Investment Decision (FID) at the end of 2021 

RES abroad (solar farms) 

• 400 MW at the stage of construction, 120MW of which are expected to be completed and start commercial operation in 2Q2021. 

• 501 MW RTB 

• 362 MW RTB at the end of 2021 / beginning of 2022 

• 4.000 MW at an initial or intermediate licensing stage 

Energy Storage 

• Pipeline of 25 electricity storage projects 

Power Purchase Agreement (PPA) 

• 200 MW in a signed PPA with a third party, at a mature licensing stage