The European Investment Bank (EIB) has committed €400m to support Mytilineos’ buildout of solar and storage capacity in Greece and other countries in the EU.
Mytilineos will deploy a new portfolio of solar and battery energy storage system (BESS) projects totalling 2.6GW of capacity, in the period through 2027.
The investment is estimated to total €2.5bn for the projects which will all be located in “less developed and transition areas” across Greece and the EU.
The EIB’s financing will thus support new investment in cohesion regions where per-capita income is lower than EU average, affirming the bank’s “commitment to equitable growth and the convergence of living standards”.
This new financing agreement is another part of the EIB’s tailored package of support to RepowerEU, the EU’s ambitious multi-billion plan to reduce dependence on fossil-fuel imports, accelerate the green transition and help Europe cut its carbon emissions to net zero by 2050.
“Scaling up renewable energy investment is crucial to harnessing Greece’s solar and energy storage potential and contribute to Europe’s energy transition,” said Jean-Christophe Laloux, Director General at the EIB.
“To reach ambitious carbon reduction targets, Europe’s green and sustainable future must be significantly accelerated with projects such as this one, increasing the use of renewables, storage infrastructure, and preventing waste.”
Christos Gavalas, Chief Treasury & IR Officer and Board Member at Mytilineos, added: “Leveraging on the long standing and valuable co-operation we have with EIB, we have secured the Bank’s significant support through this €400m 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.
“This strategic investment advances our prominent commitment to sustainable development and contributes to Europe’s ambitious plan to reduce fossil fuel dependence and achieve a carbon-neutral future by 2050.”
In addition to the deployment of solar and storage capacity, the new EIB financing will help upgrade the existing electricity grid and enable better management of power supply, increase reliability and cater for future demand.