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Economy

Greek Companies Team on 180-Million Euro Solar Energy Electric Deal

ATHENS – Greece’s push toward using more solar energy in a country abundant with sunshine, instead of continuing to rely on coal and other sources for electricity generation, has seen two firms join forces on a long-term deal to produce 210 Megawatts.

Mytilineos is collaborating with manufacturing firm Karatzis on the Power Purchase Agreement (PPA) for energy produced from a 262 MW solar portfolio. Under the agreement, Mytilineos will be able to offload 80% of the energy produced, enhancing its green supply basket.

The portfolio consists of 35 solar projects, all located in the Larissa prefecture, with a total budget of €180 million ($194 million). These projects have been fully developed by Karatzis as a strategic investment, with construction awarded to Mytilineos M Renewables sub-segment.

All solar farms are expected to commence operations in the third quarter, projected to produce 380 Gigawatts yearly, equivalent to the consumption of 97,000 households, and will displace around 162,000 tonnes of CO2 emissions annually.

Mytilineos expressed its desire to secure green PPAs to reduce energy costs for its assets and business partners, stating that the deal aligns with its strategy to blend renewable PPAs either with third parties or its assets.

Karatzis Group has been operating in the electricity generation sector since 2010, constructing photovoltaic parks in Katerini, Larissa, Viotia, and Heraklion, alongside ongoing investments in renewable energy sources.

The schemes were developed by Karatzis, and the capacity will be installed by Mytilineos’ renewable energy division. All plants are slated to commence commercial operations in the third quarter of this year.

The volume contracted by Mytilineos is sufficient to cover the consumption of approximately 97,000 homes. The company noted that the procurement aligns with its strategy to lower its energy costs and those of its business partners. A year ago, it signed a PPA with EDP Renewables to procure electricity from 78 MW of wind projects in Greece.

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