Mytilineos inks 210MW solar offtake deal in Greece

Greece headquartered Mytilineos and manufacturing firm Karatzis have signed a 210MW long term Power Purchase Agreement (PPA) for the energy produced from a 262MW solar portfolio.

Under the PPA, Mytilineos will be able to offtake 80% of the energy produced, enhancing its green supply basket.

This portfolio consists of 35 solar projects, all located in Larissa prefecture, Greece.

The projects, with a total budget of 180 million euros ($194 million), have been fully developed by Karatzis as a strategic investment, with construction being awarded to Mytilineos M Renewables sub-segment.

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All solar farms are expected to enter operation within the third quarter of 2024. They are expected to produce 380GWh annually, the equivalent of the consumption of 97,000 households in Greece, and will displace around 162,000 tonnes of CO2 emissions annually.

Mytilineos seeks opportunities to secure green PPAs, aiming to reduce energy costs for its own assets, as well as those of its business partners. This transaction further implements the company's strategy to blend renewable PPAs either with third parties or with its own assets.

Karatzis Group has operated in the electricity generation sector since 2010 with the construction of photovoltaic parks in Katerini, Larissa, Viotia and Heraklion and ongoing investments in renewable energy sources.

This is the second PPA signed year in Greece for Mytilineos, following the agreement with EDP Renewables in February 2023.

Originally published on powerengineeringint.com