Greece's Mytilineos buys 1.48 GW solar, 25-project battery storage package

London — Greek industrial conglomerate Mytilineos has bought a 1.48 GW portfolio of solar photovoltaic projects and 25 battery storage projects in Greece from Egnatia Group, Mytilineos said Feb. 16.

The total cost of the deal amounts to Eur56.00 million ($68.03 million), with construction of the solar farms scheduled for completion by the end of 2023, Mytilineos said.

"In another first for the Greek Energy Transition, Mytilineos contracted a power purchase agreement (Corporate PPA) of 200 MW capacity from solar parks owned by Egnatia Group for Eur33/MWh and for a period of 10+5 years," it said.

The PPA is expected to take effect during 2023.

Of the 25 storage projects, four are combined with solar parks developed by Egnatia.

"The implementation of the specific investment plan is expected to radically change the profile and size of Mytilineos, while also heralding the transition to a new era," the company said.

Mytilineos is active in metallurgy, power and gas, renewables, storage and engineering services.

In Greece, the company has 1.48 GW of wind, solar and small hydro capacity at an advanced licensing stage, and 300 MW in operation or construction.

Outside of Greece, it has 400 MW of solar in construction, 120 MW of which are scheduled to start operation in Q2 2021. Beyond this it has a further 501 MW solar ready to build, and 4 GW at an initial or intermediate licensing stage.

In May 2015 Egnatia formed a joint venture with Mytilineos' engineering services company Metka (Metka EGN) to provide global engineering, procurement and construction (EPC) services to the utility-scale solar market.