PPC Group and MYTILINEOS Energy & Metals have announced an agreement aimed at developing and constructing a series of solar projects totaling up to 2000MW across Italy, Bulgaria, Croatia, and Romania. The agreement, valued at €2 billion, is projected to be implemented over the course of the next three years.
The Cooperation Framework Agreement encompasses approximately 90 solar projects owned by MYTILINEOS at various stages of development, totaling 503 MW in Italy, 516 MW in Romania, 500 MW in Bulgaria, and 445 MW in Croatia.
MYTILINEOS will be responsible for the development and construction of these projects, which will subsequently be acquired by PPC Group upon their successful connection to the electricity grids of the respective nations.
This strategic partnership between PPC Group and MYTILINEOS underscores the pivotal role that Greek companies can play in bolstering energy security not only within the region but also across Europe. Moreover, it represents a significant milestone in the global energy transition, with the green energy projects slated to provide power for approximately 320,000 households and mitigate an estimated 3.4 million tonnes of CO2 emissions.
PPC Group Eyes Expansion in Southeastern Europe
For PPC Group, the agreement signifies a crucial step forward in the realization of its strategy for growth in Southeastern Europe. PPC Group will augment its portfolio with RES projects outside Romania, where it already maintains a substantial presence, while also gaining entry into three new countries: Italy, Bulgaria, and Croatia. By 2026, PPC Group aims at achieving a total installed RES capacity of 8.9 GW.
MYTILINEOS Energy & Metals Drives International Growth with M Renewables
For MYTILINEOS, the agreement represents a pivotal component of M Renewables’ growth strategy, which encompasses the implementation of its international portfolio. This includes recent forays into the Canadian market with projects totaling 1500 MW, alongside initiatives such as the Asset Rotation Programme, aimed at financing continued expansion within the renewable energy sector.
Following the agreement with PPC Group and investments in Canada, MYTILINEOS’ total portfolio now stands at an impressive 10,500 MW.
Of particular significance is the Italian market, which holds strategic importance for MYTILINEOS, given its longstanding presence and extensive project portfolio exceeding 2.5 GW. The agreement is poised to provide impetus to MYTILINEOS’ investment plan in Italy.
GreentechLead.com News Desk