METLEN and Tsakou Group sealed their cooperation through METLEN's entry into an existing special purpose company (Special Purpose Vehicle – SPV) of Tsakou Group, marking the next step in implementing the strategic agreement of the two companies to develop one of the largest hybrid electricity generation projects from Renewable Energy Sources in Greece.
As announced, the special purpose company, in which METLEN entered and participated at 40%, undertakes the development, construction, operation (energy management) and commercial management of the project, which will include a solar power station of 251,9 MW and an energy storage system of a total capacity of approximately 375 MWh, in Central Greece.
METLEN’s participation in the joint venture now marks the transition of cooperation to the implementation stage, creating the conditions for the start of the next phases of development and construction of investment, according to programming.
THE Evangelos Mytileneus, Executive Chairman of METLEN, stated: "The closure of the start of our cooperation through the joint special purpose company with the Tsakou Group is another essential step in the course of implementing a particularly important investment in the Greek energy market. Large-scale hybrid projects, combining electricity generation from RES with storage, are the core of the new energy system. METLEN has the know-how and international experience to implement projects of this complexity and remains committed to creating energy infrastructures that enhance the security of supply, network flexibility and competitiveness of the Greek economy."
THE Nikos Tsakos, CEO of TEN Ltd.For his part he noted: "Our cooperation with METLEN is based on a common philosophy and common values. It is one of the largest energy and metal companies worldwide, with a strong presence and introduction on the London Stock Exchange, which reflects its size and reliability. We believe in creating long-term partnerships based on trust, consistency and common vision. The establishment of our joint company is an important step in this direction and sets the foundations for the successful implementation of an iconic project for the Greek energy market."
THE Captain Panagiotis Tsakos, founder of the Tsakos Group, he said: "For Evangelos Mytileneus and METLEN there is deep appreciation and admiration. It is a company that stands out for its professionalism and performance, always aiming at excellence. I am optimistic that, with this cooperation, we will move forward with strength and achieve even more together."
For METLEN, the project is a strategic investment that further enhances its presence in the renewable energy sources of a new generation, combining large-scale electricity production and storage. At the same time, the company undertakes both the construction and energy and commercial management of the plant, using its international expertise in the development of complex hybrid energy projects.
