Procedures for the electrification of 121.5MW are being completed from a total 4GW portfolio
MYTILINEOS S.A. (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) through its Renewables and Storage Development (RSD) Business Unit has signed an agreement with Enel Green Power Romania SRL, part of the Enel Group, for the sale of approximately 90MW solar portfolio in Romania, consisting of two solar farms, planned to achieve commercial operations by the end of 2022 / beginning 2023.
The projects are developed in cooperation with Renergy Power Plants, a well-established engineering and renewable energy development company with a significant track record in Europe, Asia and South America. The RSD Business Unit will undertake the further development and construction of the projects.
These Solar Farms are located in the South Region of Romania, close to Bucharest. Specifically, the major project is Calugareni, a 63 MW Ready to Build (RTB) solar farm, with construction being scheduled to start by the end of 2021. The remaining 26MW are currently under development.
Nikos Papapetrou, General Manager of the RSD Business Unit of MYTILINEOS stated: “We are excited about this transaction in Romania, as this is an important milestone for our development strategy in Europe. We have been one of the first companies to invest in solar energy in Romania a country with great potential in the development of RES, and we are proud to contribute to the Country’s Energy transition. We are also delighted to enter into this strategic agreement with Enel Green Power Romania and envisage furthering the cooperation of the two companies.”
MYTILINEOS was advised by Ernst & Young LLP (Energy Law) and Volciuc-Ionescu on the transaction.
At the same time, MYTILINEOS, through its RSD Business Unit, is implementing a project development and investment platform for solar PV and storage projects and currently electrifies approximately 118 MW of solar PVs in Australia and 3.5
MW in Cyprus, which will commence contributing to the Company’s financial results from H2 2021. These projects are part of a total pipeline of 4 GW of solar PV and energy storage projects under various stages of development, in Iberia, Italy, UK, Cyprus, Romania, Chile, Australia and South Korea for which it will assess options to monetize or integrate in its operations.