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- Strategic Cooperation Agreement between PPC Group and MYTILINEOS Energy
ATHENS, Greece, April 13, 2024 /PRNewswire/ -- PPC Group and MYTILINEOS Energy
In particular, the agreement concerns approximately 90 solar projects owned by MYTILINEOS in Italy (503 MW), Romania (516 MW), Bulgaria (500 MW) and Croatia (445 MW) that are in different stages of development. According to the agreement, MYTILINEOS will be responsible for the development and construction of these projects, which will then be acquired by PPC Group once their connection to the electrical grid of the aforementioned countries is completed.
MYTILINEOS' track record in implementing complex RES projects on an international scale 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 milestone in the leadership role that Greek companies can play in the wider region and in Europe's energy security. The agreement is also an important milestone for the energy transition, as green energy projects developed under the contract are expected to provide power to 320,000 homes and eliminate 3.4 million tonnes of CO2 emissions.
PPC Group: growth in Southeast Europe
For PPC Group, the agreement represents an important step towards the implementation of the strategy recently presented to the investment community for growth in Southeast Europe, with green energy as a key pillar. With this agreement, PPC Group will acquire RES projects outside of Romania, where it already has a significant presence, and in three new countries, which are Italy, Bulgaria and Croatia.
PPC Group's strategy includes expansion in Southeast Europe and taking advantage of value creation opportunities between countries through the energy corridor that is being created. With its presence in different geographical areas, with an expanded and complementary RES portfolio, PPC Group aims to take advantage of the different meteorological conditions of each region. PPC Group aims to have a total of 8.9 GW of installed RES capacity by 2026.
MYTILINEOS Energy
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 1,500 MW projects, together with the execution of the Rotation Program Assets, through which MYTILINEOS finances, among others, the continuous growth of the renewable energy sector. The multi-level nature of the deal (geographical reach, project schedule) highlights the depth of M Renewables' portfolio.
MYTILINEOS already has a significant presence and extensive track record in global markets, both in terms of development, engineering, acquisitions and construction and operation projects (O
More specifically, with regard to the Italian market, of strategic importance for MYTILINEOS, having a long-term presence and a broad portfolio of projects that exceeds 2.5 GW, this agreement will give greater impetus and accelerate the implementation of the MYTILINEOS investment plan in Italy, with the aim of having a greater presence (integrated utility model) in the country's energy sector.
PPC Group Deputy CEO and Head of RES, Konstantinos Mavros, said: "The agreement we have signed creates value for both parties and consolidates our group's presence in Southeast Europe. The gradual addition of new projects to the portfolio of PPC RES, in new countries, in line with our strategy, allows us to leverage our overall planning for the creation of energy corridors in the broader region. MYTILINEOS' track record in complex RES projects and previous successful partnerships serve as a guarantee for. a smooth and timely implementation of the agreement."
Ioannis Kalafatas, CEO of Energy at MYTILINEOS, stated: "This is an important agreement between two leading Greek companies, with an international presence, as they further expand their presence in Southeast Europe and Italy. We are very pleased with this development , since it is not the first time that we collaborate with PPC in the development of green energy projects at an international level. The agreement once again demonstrates the capabilities of the Greek enterprise on a global scale. We are deeply convinced that the two companies will continue to lead and. catalyzing this dynamic towards a sustainable green future."
For his part, Nikos Papapetrou, CEO of M Renewables, welcomed the agreement with PPC, highlighting its great importance for the RES development strategy of both companies and added: "I would like to thank the working groups of both PPC and MYTILINEOS –M Renewables, as well as Strategy and M
About PPC Group:
PPC is the leading electricity company in Southeast Europe, with activities in 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 10.7 GW, made up of thermal, hydraulic and RES installations with a total annual generation of more than 20 TWh, while, in networks, its total Regulated Asset Base amounts to approximately 4.3 billion euros. . PPC Group is the leading electricity supplier in Greece and Romania, serving 8.7 million customers in total, providing approximately 35 TWh of energy and a wide range of energy products and services.
About MYTILINEOS:
Founded in Greece in 1990, MYTILINEOS is a multinational industrial and energy company, listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of €5.5 billion and €1 billion respectively. The Company is focused on sustainability, it has set the goal of reducing carbon dioxide (CO2) emissions by at least 30% in 2030 and achieving a neutral footprint in all of its business activity in 2050, based on performance indicators. ESG for Environment, Society and Governance.
For more information, visit: www.mytilineos.gr | Facebook | Twitter | YouTube | LinkedIn
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