Greek Company Mytilineos Awarded €400 Million for Solar Projects
Greek renewable energy company Mytilineos Energy & Metals has secured 400 million euros ($438M) in financing to deliver a new portfolio of solar and storage projects across the European Union (EU).
The proceeds, awarded by the European Investment Bank (EIB), will enable Mytilineos to build nearly 2.6 gigawatts of new renewable energy capacity by 2027. The projects will be installed across less developed regions as well as areas of transition in Greece and the EU.
Solar Energy Projects Across the EU
According to the bank, the financing will support solar projects and battery energy storage initiatives in Italy, Romania, Poland, Spain, Bulgaria, and Ireland, as well as Greece. The developments will generate revenue from commercial power purchase agreements (PPA) and the sale of energy in the market.
Mytilineos estimates the total value of these projects to be 2.5 billion euros, and part of the bank’s capital will also help upgrade the existing electricity grid. The Greek company said the total capacity of its international renewable energy portfolio will exceed 11.9 gigawatts.
As part of its custom package to support the EU’s REPowerEU plan to lower the region’s dependence on fossil fuels, the bank has agreed to pay out the financing over a ten-year period.
Speaking to Taiyang News, an outlet focused on renewable energy, EIB director general Jean-Christophe Laloux said: “Scaling up renewable energy investment is crucial to harnessing Greece’s solar and energy storage potential and contributing to Europe’s energy transition.”
“To reach ambitious carbon reduction targets, Europe’s green and sustainable future must be significantly accelerated with projects such as this one, increasing the use of renewables, storage infrastructure, and preventing waste,” Laloux added.
In September of last year, the bank approved a framework financing of up to 1.7 billion euros for Solaria Energia of Spain to build 5.6 gigawatts of new solar PV capacity by 2028.
Renewable Energy Outlook in Greece
Renewable energy infrastructure in the country saw a major boost throughout 2023, with solar power in particular receiving large investments.
E-commerce giant Amazon completed its first utility solar power project in Makrihoria of Aetoloakarnania in October of last year, consisting of thirty-nine renewable energy projects in Europe. These will add more than one gigawatt of clean energy to the continent’s energy grids.
Last year also saw the country ranked second in the International Energy Agency’s (IEA) theoretical photovoltaic penetration index, a tool which ranks the solar energy potential of the countries of the world. Greece climbed one position from its rank in 2022.
Business Wire
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