PPC to buy 210-MW duo of Romanian PV projects from Mytilineos

The green energy unit of Greek power utility PPC SA (ATH:PPC) has clinched an in-principle agreement with the domestic industrial group Mytilineos SA (FRA:MYH) to acquire a 210-MW portfolio of solar projects in Romania.

Under the deal, Mytilineos will install the capacity and transfer its ownership to PPC Renewables, the latter’s parent said in a bourse filing on Friday. Financial details were kept under wraps.

The portfolio covered by the agreement consists of two solar photovoltaic (PV) parks in southern Romania, near Bucharest. The larger one, the 130-MW Kinisis scheme, is shovel-ready and is planned to enter construction early next year. The second project of 80 MW is expected to reach the read-to-build stage by the first quarter of 2023.

Each of the two PV project was developed by Mytlineos, which will take care of their construction. Both plants are slated to begin commercial operations in 2024.

As part of its 2022-2026 business plan, PPC aims to grow its installed renewables fleet to 7.2 GW by 2024 and 9.5 GW by 2026 and move away from coal. The goal will be reached with an investment of EUR 9.3 billion (USD 9.92bn).

(EUR 1.0 = USD 1.067)

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