EIB Boosts MYTILINEOS' Green Energy Push with €400M

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by KnowESG
KnowESG_EIB Boosts MYTILINEOS' Green Energy Push with €400M
Image courtesy of MYTILINEOS

The European Investment Bank (EIB) is backing a €400 million investment by MYTILINEOS Energy & Metals (MYTILINEOS) to boost renewable energy in Greece and other EU countries.

MYTILINEOS plans to roll out new solar and battery storage projects, adding around 2.6GW of capacity by 2027, with a total investment value of €2.5 billion across the EU.

The projects will be strategically placed in less developed areas, supported by the EIB, to promote fair growth and living standards convergence.

On December 21, 2023, the EIB's Jean-Christophe Laloux and MYTILINEOS's Christos Gavalas signed a 10-year loan agreement in Athens. This funding is part of the EIB's support for RepowerEU, the EU's plan to cut fossil fuel dependence and achieve carbon neutrality by 2050.

Jean-Christophe Laloux stressed the importance of scaling up renewable energy investment for Greece's solar potential and Europe's green transition. Gavalas highlighted the collaboration with the EIB, saying the investment would enhance MYTILINEOS's ability to speed up solar and battery projects, aligning with Europe's goal to reduce fossil fuel dependence.

Beyond boosting solar and storage, the EIB funding will improve the electricity grid for better management, reliability, and future demand. The systems will provide real-time information, encourage energy savings, and support demand response, addressing hurdles to achieving EU and national energy and climate goals.

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