Greece-Based Electric Utility Firm To Develop 2GW Solar Farm In Europe

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European Electric Utility firm PPC Group and Greek metal company MYTILINEOS Energy & Metals have announced that they have signed a Cooperation Framework Agreement (CFA) for the development and construction of a portfolio of solar projects up to 2000MW in Italy, Bulgaria, Croatia, and Romania.

According to a media statement by PPC Group, the value of the deal is estimated at up to €2 billion and is expected to be implemented over the next three years.

Specifically, the solar deal agreement refers to approximately 90 solar projects owned by MYTILINEOS in Italy (503 MW), Romania (516 MW), Bulgaria (500 MW) and Croatia (445 MW) which are at various stages of development. Under the agreement MYTILINEOS will undertake the development and construction of these projects, which will then be acquired by PPC Group upon completion of their connection to the electricity grid of the aforementioned countries.

MYTILINES’ 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.
PPC Group: growth in SE Europe

For Greece-based 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.