Greek power utility PPC SA has signed a cooperation framework agreement with compatriot Mytilineos SA to develop and build up to 2 GW solar photovoltaic (PV) parks in Italy and on the Balkans.
The deal is valued at up to EUR 2 billion (USD 2.14bn) and will see PPC and Mytilineos’ Energy & Metals division work together on 90 projects in Italy, Bulgaria, Croatia and Romania. The portfolio is currently owned by Mytilineos, the duo announced on Thursday.
Under the agreement, industrial conglomerate Mytilineos will handle the development and construction of 503 MW of projects in Italy, 516 MW in Romania, 500 MW in Bulgaria and 445 MW in Croatia. Once the plants are installed and connected to the third, their ownership will be transferred to PPC Group.
The projects are now at different stages of development and will be executed over the next three years. Once in operation, the capacity will generate electricity for about 320,000 homes annually.
Mytilineos said the cooperation agreement is aligned with the border growth strategy for its renewables business. For PPC, on the other hand, it represents an important step in its plan to expand its operations in Southeast Europe and grow its installed renewables fleet to 8.9 GW by 2026.
"The agreement we have signed creates value for both parties [..],” said Konstantinos Mavros, deputy CEO and head of RES of PPC Group.
