Mytilineos solar and storage investments at ‘full speed’ after EPC growth

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Mytilineos completed EPC work on the 170MW Atacama PV plant in Chile in 2020. Image: Mytilineos.

Greek industrial group Mytilineos said its renewables and storage unit continues with “full speed” to invest in solar and battery energy storage systems globally following a 2021 that saw the business expand its PV engineering, procurement and construction (EPC) operations.

Build, operate and transfer (BOT) solar projects were major contributors to the unit’s financial performance last year, with the sale of an 89MW portfolio in Romania and 100MW in Spain bringing in €163 million (US$182 million).

Mytilineos saw its renewables business increase its turnover 39% year-on-year in 2021 to €365 million, while EBITDA jumped 40% to €21 million.

The positive results were recorded despite the unit suffering from module procurement issues. Nikos Papapetrou, general manager of the renewables and storage development business, told PV Tech Premium last week that there was a lack of module availability “for a major part” of the year.

The unit is currently developing BOT renewables projects with a mature aggregate capacity of around 1.8GW in a host of European markets as well as Chile, South Korea and Australia.

In Q4, the business secured a 53MW solar project in an Italian renewables auction and also reached financial close on a 120MWp portfolio of PV plants in Australia.

In terms of renewables construction work, Mytilineos signed new third-party EPC deals for 878MW of solar and energy storage projects last year, located countries including Uzbekistan, with its signed EPC backlog currently standing at €260 million.

Mytilineos also has businesses in the metallurgy, power and gas, and sustainable engineering solutions sectors. The renewables unit’s turnover corresponded to 13.7% of the group’s total.

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