Athens, Greece – 23 December 2022 - PPC S.A. announces that its subsidiary PPC Renewables S.A. (PPCR) has signed an in principle agreement with MYTILINEOS (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) for the development, construction and sale of a solar power portfolio of about 210 MW in Romania.
The agreement is subject to further reviews and approvals according to the two companies’ Articles of Incorporation.
The portfolio consists of two PV parks, which are expected to be in commercial operation during 2024. Both projects have been developed by MYTILINEOS, who will also undertake the construction.
Said projects are located in the South Region of Romania, close to Bucharest. Specifically, the largest one called Kinisis, is a 130 MW Ready to Build PV park with the construction scheduled to start at the beginning of 2023. The remaining 80MW will be Ready to build by Q1 2023.
Konstantinos Mavros, CEO of PPC Renewables stated: "This agreement is part of the group's expansion in the Balkan region and aims to consolidate our presence in Romania when it is completed. We remain committed to our goals for the green energy transition."
Nikos Papapetrou, Executive Director of MYTILINEOS’ M Renewables stated: “We are excited about this new transaction in Romania, a country with a strategic role for MYTILINEOS. Entering into this strategic agreement with PPCR further expands our presence in Romania. We have been one of the first companies to invest in solar energy in Romania and today we have been recognized as a market leader player in the region.”
