Energia
Strategic Cooperation Agreement between PPC Group and MYTILINEOS Energy & Metals for the development of a solar portfolio of up to 2,000MW in 4 countries
MYTILINEOS' track record in implementing complex RES projects internationally has been a catalyst for PPC's confidence in the cooperation of the parties and serves as a guarantee for the successful implementation of the agreement.
The framework agreement between the two parties is a landmark for the leading role that Greek companies can play in the wider region and Europe's energy security. The agreement is also an important milestone for the energy transition,with the green energy projects developed under the contract expected to provide power for 320,000 households and displace 3.4 million tonnes of CO2 emissions.
For PPC Group, the agreement is an important step towards the implementation of the 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 acquire RES projects outside Romania , where it already has a significant presence, and in three new countries, namely Italy , Bulgaria and Croatia .
PPC Group's strategy includes expansion in Southeastern Europe and leveraging the opportunities to create value among the countries through the energy corridor being created. With its presence in different geographical areas, with an expanded and complementary RES portfolio, PPC Group intends to take advantage of the different meteorological conditions in each region. PPC Group aims to have a total of 8.9 GW of installed RES capacity by 2026.
For MYTILINEOS, this agreement is part of M Renewables' broader growth strategy for the implementation of its international portfolio, including the recent entry into the Canadian market with projects with 1500 MW alongside the execution of the Asset Rotation Programme, through which MYTILINEOS finances, among others,the continuous growth in the renewable energy sector. The multi-level nature of the agreement (geographical scope, timing of projects) highlights the depth of M Renewables' portfolio.
MYTILINEOS has already established a significant presence and long-standing track record in the marketson a global scale, both in terms of development, engineering, procurement and construction and operation (O&M) projects, having implemented thousands of MW in a number of countries , while the total portfolio, following the PPC strategic cooperation agreement and the Canada investment, amounts to 10,500 MW.
More specifically, with regards to the Italian market, which is of strategic importance for MYTILINEOS, having a long-term presence and a wide portfolio of projects exceeding 2.5 GW, this agreement will provide further momentum and accelerate the implementation of MYTILINEOS' investment plan in Italy , aiming at an enhanced presence (integrated utility model) in the country's energy sector.
The Deputy CEO and Head of RES of PPC Group, Mr. Konstantinos Mavros , stated: "
Ioannis Kalafatas , Energy Chief Executive Director of MYTILINEOS stated:
On his part, Nikos Papapetrou , Executive Director of M Renewables, welcomed the agreement with PPC, stressing the great importance for the RES development strategy of both companies and added
PPC is the leading South East European electric utility, with activities in electricity generation, distribution, network operation and sale of advanced energy products and services in Greece , Romania and North Macedonia . PPC has a total installed capacity of 10.7GW, consisting of thermal, hydro and RES installations with a total annual generation amounting to more than 20TWh, while in networks, its total Regulated Asset Base amounts to € 4.3 bn approximately. PPC Group is the leading supplier of electricity in Greece and Romania , servicing 8.7m . customers in total, providing approximately 35TWh of energy and a wide range of energy products and services.
Founded in Greece in 1990, MYTILINEOS is an industrial and energy multinational company, listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of €5.5 billion and €1.0 billion respectively. The Company is focused on sustainability, it has set itself the goal of reducing carbon dioxide (CO2) emissions by at least 30% by 2030 and achieving a neutral footprint in its total business activity by 2050, based on ESG performance indicators for Environment, Society and the Governance.
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