Mytilineos, a Greek industrial conglomerate, signed a binding agreement to sell 211 MW of solar projects in Romania to Helleniq Energy, an oil and gas company, through its subsidiary, Helleniq Renewables.
The binding agreement signed includes the construction and transfer of four solar parks in Southern Romania that are already in an advanced stage of development, of which 13 MW are expected to enter commercial operation in 2023, 108 MW in 2024, and 90 MW by Q3 2025. All parks will be delivered on the Commercial Operation Date. The total annual production of the projects is expected to exceed 300 GWh of green energy, enough to meet the needs of 100,000 households.
This agreement marks Helleniq Energy Group’s entry into Romania’s RES market and their second entry in the international RES market over the last months, following the recent entry into Cyprus’ RES market. The projects are part of the international renewables portfolio developed by M Renewables under the Energy division of Mytilineos. The transaction is part of Mytilineos’ ongoing asset rotation program, designed to accelerate value creation from the M Renewables platform as proceeds are being redeployed to develop a large pipeline.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in 1H 2023, there were 116 project acquisitions for 25.5 GW of solar projects compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
Greenvolt, a solar and wind project developer, recently reached an agreement with Energa Wytwarzanie to sell a portfolio comprising two renewable energy projects in Poland for €107 million (~$118.26 million). The agreement includes the Opalenica project, which consists of three solar parks with a total capacity of 22 MW, and the Sompolno project, with an installed capacity of 26 MW of wind and 10 MW of solar that will complement each other to deliver even more energy with maximum efficiency.