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ISB invests €400 million in MYTILINEOS

The European Investment Bank (EIB) commits 400 million euros to support MYTILINEOS in the accelerated development of renewable energy in Greece and the EU.

energynews
Le 4 January 2024

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The EIB has confirmed a €400 million financing package for MYTILINEOS Energy & Metals, aimed at boosting renewable energy production in Greece and other EU countries. This financing will support the deployment of a new portfolio of solar photovoltaic projects and battery energy storage systems (BESS) by 2027, adding around 2.6GW of capacity.

Regional Impact and Equitable Growth

The new facilities will be located in various less developed and transitional regions of Greece and the EU. EIB funding will thus encourage new investment in cohesion regions where per capita income is below the EU average, reinforcing the bank’s commitment to equitable growth and convergence of living standards.

A Commitment to Energy Transition

Jean-Christophe Laloux, Managing Director of the EIB, and Christos Gavalas, Head of Treasury and Investor Relations at MYTILINEOS, signed the loan contract in Athens. This financing is part of the EIB’s support for RepowerEU, the EU’s ambitious plan to reduce dependence on fossil fuel imports and accelerate the green transition.

Grid Improvement and Energy Management

In addition to deploying solar and storage capacity, the ISB funding will help modernize the existing power grid, improve power supply management, increase reliability and meet future demand.
The EIB’s investment in MYTILINEOS projects represents a major financial commitment to the development of renewable energy, with a potential impact on the electricity grid and energy management in the EU.

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