EIB and Mytilineos sign RES transition funding deal
The European Investment Bank (EIB) has committed 400 million euros to support a significant new investment for Mytilineos Energy & Metals, which will accelerate renewable energy production across Greece and other EU countries.
The company will deploy a new portfolio of solar PV and battery storage systems (BESS) projects in the period through 2027 that will add a capacity of approximately 2.6 gigawatts.
The investment’s value is estimated to total €2.5 billion with projects rolled out across the EU.
The new facilities will be located in various less developed and transitional 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, thus affirming the EU bank’s commitment to equitable growth and the convergence of living standards.
EIB Director General and Head of Operations Jean-Christophe Laloux and Christos Gavalas, Mytilineos’ chief treasury and IR officer and executive board member, signed the 10-year loan contract in Athens on December 21.
This new financing agreement is another part of the EIB’s tailored package of support to RepowerEU, the EU’s ambitious multi-billion-euro plan to reduce dependence on fossil-fuel imports, accelerate the green transition and help Europe cut its carbon emissions to net zero by 2050.
