Mytilineos

Mytilineos sells 2PV projects in Romania to Enel

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Athens-based industrial conglomerate Mytilineos S.A. through its Renewables and Storage Development (RSD) Business Unit has signed an agreement with Enel Green Power Romania SRL, part of Italy’s Enel Group, for the sale of approximately 90MW solar portfolio in Romania, consisting of two solar farms, planned to achieve commercial operations by the end of 2022 / beginning 2023.

The projects are developed in cooperation with Bucharest-headquartered Renergy Power Plants, a well-established engineering and renewable energy development company with a significant track record in Europe, Asia and South America. The RSD Business Unit will undertake the further development and construction of the projects.

These Solar Farms are located in the South Region of Romania, close to Bucharest. Specifically, the major project is in Calugareni, in Giurgiu county, a 63 MW Ready to Build (RTB) solar farm, with construction being scheduled to start by the end of 2021.  The second solar farm will be built in the Mosteni, Teleorman county. Its capacity will be 26 MW and the construction works are expected to start at the beginning of 2022.

The two solar power plants are estimated to generate around 130 GWh annually, avoiding roughly 141.740 tons of CO2 emissions per year. In addition, they will significantly increase the existing solar PV capacity of EGP Romania, now standing at approx. 36 MW.

Nikos Papapetrou, General Manager of the RSD Business Unit of Mytilineos stated:

“We are excited about this transaction in Romania, as this is an important milestone for our development strategy in Europe. We have been one of the first companies to invest in solar energy in Romania a country with great potential in the development of RES, and we are proud to contribute to the Country’s Energy transition. We are also delighted to enter into this strategic agreement with Enel Green Power Romania and envisage furthering the cooperation of the two companies.”

Mytilineos was advised by Ernst & Young LLP (Energy Law) and Volciuc-Ionescu on the transaction.

Mytilineos Share Price Sept.6 2021
(Source: Bloomberg)

At the same time, Mytilineos, through its RSD Business Unit, is implementing a project development and investment platform for solar PV and storage projects and currently electrifies approximately 118 MW of solar PVs in Australia and 3.5 MW in Cyprus, which will commence contributing to the Company’s financial results from H2 2021. These projects are part of a total pipeline of 4 GW of solar PV and energy storage projects under various stages of development, in Iberia, Italy, UK, Cyprus, Romania, Chile, Australia and South Korea for which it will assess options to monetize or integrate in its operations.

Established as a family business in 1908 representing metal and steel product manufacturers,
and as a corporate entity in 1990, Mytilineos was listed on the Athens Exchange in 1995 while today is a constituent of the FTSE LARGE CAP Index.

The company currently operates four business units: Power & Gas, Metallurgy, Sustainable Engineering Solutions and Renewables & Storage Development. The group has a strong presence in all five continents and employs 3,850 in Greece and abroad. The Group remains family controlled, currently chaired by Evangelos Mytilineos, who is also serving as CEO.

In 2020, the group’s operating income (EBITDA) reached 315 million euro remaining stable compared to 2019, while its revenue exceeded 1.9 billion euro.

In 2021, Evangelos Mytilineos set the ground for a 100% sustainable and green industrial operation.

The company’s shares closed up 0.13% on Monday (Sept.6).