MYTILINEOS: Has signed an agreement with Aquila Capital for a 100MW solar portfolio in Spain

MYTILINEOS S.A. (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) through its Renewables and Storage Development (RSD) Business Unit and Aquila Capital, a sustainable investment and asset development company, have signed an agreement for the sale of a 100MW solar portfolio in the South of Spain. As part of this, Aquila Capital acquires two solar plants, planned to enter in operations by the end of Q3 2022.

The solar plants, Jaen and Guillena, each with 50 MW capacity are both located in Andalucia and are currently under construction by the RSD Business Unit.  Once in operation, these plants will produce approximately 200 GWh of 100% clean energy per year.

Nikos Papapetrou, General Manager of the RSD Business Unit of MYTILINEOS stated: “We are excited about this transaction in Spain. This is yet another important milestone for our development strategy in Europe and follows closely on our recent agreement in Romania to dispose of 2 solar PV projects. Spain is one of the most important markets for Solar PV in Europe, with significant capacity increase targets, and we are proud to contribute towards that direction. We are also delighted to enter into this agreement with Aquila Capital and envisage furthering the cooperation of the two organizations.”

Andrew Wojtek, Head of Investment Management at Aquila Clean Energy EMEA explains: “We are very pleased with this transaction and its strategic fit. On the one hand these very advanced solar projects are a great addition to our local portfolio, with operations to start and investor returns to be generated still in this year. On the other hand, this cooperation with a strong international company like MYTILINEOS offers great potential for the future, as we are both aligned to contribute to further expansion of the share of renewables in energy generation.”

In addition to this operation, MYTILINEOS, through its RSD Business Unit, is implementing a project development and investment platform for solar PV and storage projects and has in operation approximately 118 MW of solar PVs in Australia and 3.5 MW in Cyprus, which have commenced contributing to the Company’s financial results from H2 2021. These projects are part of a total pipeline of solar PV and energy storage projects under various stages of development that exceed 4GW and are located in Iberia, Italy, UK, Cyprus, Romania, Chile, Australia and South Korea for which it will assess options to monetize or integrate in its operations.

Aquila Capital currently manages wind energy, solar PV and hydropower assets of more than 13 GW capacity, from which more than 8 GW are in Southern Europe. Spain is a key market for Aquila Capital, where the company has a pipeline of more than 60 projects under development, construction or in operation.

Source: Press Release