Greek renewables developer Mytilineos has sold a 211MW portfolio of four solar parks to its compatriot fossil fuels company HELLENiQ. The projects are located in Southern Romania, with commercial operations due in stages between 2023 and 2025.
13MW of the portfolio is expected online this year, 108MW in 2024 and the final 90MW by Q3 2025. In total, the portfolio output is expected to exceed 300GWh annually.
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This transaction is part of Mytilineos’ asset rotation programme, the company said, which will see it redeploy the proceeds of this deal into realising its outstanding project pipeline. Last month the company proceeded with what it called its largest ever project transaction, the acquisition of 1.4GW of Canadian solar projects from Westbridge Renewables.
In the first half of this year, the company’s energy sector posted a €1.99 billion turnover, a 22% increase on H1 2022.
This is HELLENiQ’s first entry into Romania, conducted through its renewable energy subsidiary HELLENiQ Renewables.
Romania and the wider Southern Europe region is one of the fastest-growing areas for solar PV on the continent. Fossil fuel companies have been moving into the Romanian market of late: French oil major TotalEnergies acquired 208MW of PV earlier this month and domestic oil and gas company OMV Petrom bought a 710MW portfolio in June.
PV Tech Premium published a deep dive into the changing Romanian market earlier this year.