Third Party Sale of 47MW Operational Solar Power Parks

Athens, Greece – 13 February 2020 - MYTILINEOS SA (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) announced today that it has signed an agreement with Motor Oil (Hellas) SA for the sale of a group of operational solar power parks totaling 47MW, through its newly designated Business Unit, International Renewable and Storage Development (RSD) and more specifically, through the sale of certain participations of its subsidiary METKA-EGN LTD. The solar parks are located within Northern and Central Greece and the total consideration was €45.8m.
The solar parks became operational in the second half of 2019 and have a secured revenue stream via a 20-year Power Purchase Agreement (“PPA”) through the Greek Renewable Energy operator (DAPEEP).
The RSD business unit of MYTILINEOS already has internally approved solar power development investments projects of approximately 540MW, in Australia, Cyprus, Mexico, South Korea, Spain and the UK, with a goal of developing and transferring at least 1,500MW of solar power plant and storage development projects over the next five years.
The transaction is part of the broader strategy of the solar development business model (“Build-Operate-Transfer (“BOT”) being rolled out through the newly created RSD business unit of MYTILINEOS. The business model leverages the global construction and development expertise of MYTILINEOS’ subsidiary, METKA-EGN, having completed more than 1.2 gigawatt of solar power plants and 200 megawatts of energy storage projects in more than five continents.
The creation of the RSD business unit within MYTILINEOS joins METKA-EGN’s global expertise in the solar power construction, storage and development market with MYTILINEOS’ power operator credentials, strong balance sheet, credit profile and prudent risk management practices. This business model ensures that capital allocated for in-house development projects (“Build, Operate & Transfer” model (“BOT”)) is properly and successfully deployed.
PricewaterhouseCoopers Business Solutions S.A. (PwC) acted as exclusive Financial Advisor to Metka-EGN Limited in relation to the transaction. Watson Farley & Williams acted as Legal Advisor to Metka-EGN Limited in relation to the transaction.
For more details, please contact:
Ms. Antigoni Fakou: MYTILINEOS Press Office Tel. +30 210-6877346 | Fax +30 210-6877400 | E-mail
MYTILINEOS S.A. is a leading Greek industrial company active in Metallurgy, Power & Gas and EPC & Infrastructure Projects. Established in Greece in 1990, the Company is listed on the Athens Exchange, has a consolidated turnover in excess of €1.5 billion and employs directly and indirectly more than 3,380 people in Greece and abroad.
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