Greece: €400 million EIB backing to MYTILINEOS to accelerate renewable energy transition.
Summary
New investment by MYTILINEOS to further accelerate the development and deployment of solar PV parks and battery energy storage across Greece and other EU countries Investment provides boost to support growing share of renewables in the EUs energy and electricity network.The European Investment Bank (EIB) has committed 400 million to support a significant new investment for MYTILINEOS Energy and Metals (MYTILINEOS), which will accelerate renewable energy production across Greece and other EU states.MYTILINEOS will deploy a new portfolio of solar PV and battery storage systems (BESS) projects in the period through 2027 that will add capacity of approximately 2.6GW. The investment is estimated to total 2.5 billion, with projects rolled out across the EU.The new facilities will be located in various less developed and transition areas across Greece and the EU. The EIBs financing will thus support new investment in cohesion regions where per-capita income is lower than EU average, thus affirming the EU banks commitment to equitable growth and the convergence of living standards.EIB Director General, Head of Operations Jean-Christophe Laloux and Christos Gavalas, MYTILINEOS Chief Treasury & IR Officer and Executive Board Member, signed the 10-year loan contract in Athens on Dec. 21, 2023. To reach ambitious carbon reduction targets, Europes green and sustainable future must be significantly accelerated with projects such as this one, increasing the use of renewables, storage infrastructure, and preventing waste.Leveraging on the long standing and valuable co-operation we have with EIB, we have secured the Banks significant support through this 400 million milestone agreement that will further strengthen MYTILINEOS financial capacity to accelerate the deployment of its investments in solar PV parks and battery energy storage systems projects. Focused on sustainability, it has set ambitious targets to reduce CO2 emissions in accordance with ESG criteria for Environment, Society and Governance, while it is already ranked as a Leader for ESG practices in the Morgan Stanley Capital International (MSCI) index and has joined the Dow Jones Sustainability (DJSI) Emerging Markets index.