PPC Group, MYTILINEOS Forge EUR 2 Billion Deal for Solar Projects Across Europe
The projects will span across Italy, Bulgaria, Croatia, and Romania, with an estimated value of EUR 2 billion.
April 18, 2024. By Abha Rustagi
The projects will span across Italy, Bulgaria, Croatia, and Romania, with an estimated value of EUR 2 billion. This collaboration signals an important milestone in the energy transition landscape, marking a strong commitment to renewable energy and regional energy security.
Under the terms of the agreement, MYTILINEOS will spearhead the development and construction of approximately 90 solar projects owned by MYTILINEOS across the four countries. Once these projects are completed and connected to the respective electricity grids, they will be acquired by PPC Group. This collaboration leverages MYTILINEOS' expertise in implementing complex renewable energy projects internationally, instilling confidence in the successful execution of the agreement.
The solar projects developed under this partnership are poised to power approximately 320,000 households and displace 3.4 million tonnes of CO2 emissions, contributing significantly to the region's sustainability goals.
For PPC Group, this agreement marks an expansion into Southeastern Europe, with green energy emerging as a key driver of growth. With a focus on leveraging regional opportunities and creating value along the energy corridor, PPC Group aims to diversify its RES portfolio and achieve a total installed capacity of 8.9 GW by 2026.
Meanwhile, for MYTILINEOS Energy & Metals, this collaboration aligns seamlessly with its broader growth strategy for M Renewables. With a strong international portfolio and a recent foray into the Canadian market, MYTILINEOS is committed to accelerating the implementation of its investment plan in Italy, a market of strategic importance.
The leadership of both companies expressed optimism and confidence in the success of the agreement, highlighting the synergies between the two entities and the shared vision for a sustainable future.
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