METLEN and Tsakos Group have formalised the launch of their partnership through METLEN’s entry into an existing Special Purpose Vehicle (SPV) of Tsakos Group. This development marks the next step in the implementation of the two companies’ strategic agreement for the development of one of the largest hybrid renewable energy power generation projects in Greece.
The Special Purpose Vehicle, in which METLEN has entered with a 40% stake, will undertake the development, construction, operation (energy management) and commercial management of the project, which will comprise a photovoltaic power station with an installed capacity of 251.9 MW and an energy storage system with a total capacity of approximately 375 MWh, in Central Greece.
METLEN’s participation in the now joint Special Purpose Vehicle marks the partnership’s transition into the implementation phase, enabling the next stages of the project’s development and construction to proceed in line with the agreed timetable.
Evangelos Mytilineos, Executive Chairman of METLEN, said: “The formalisation of the launch of our partnership with Tsakos Group through the now joint SPV represents another substantial step towards the implementation of a highly significant investment for the Greek energy market. Large-scale hybrid projects, combining renewable power generation with storage, are at the core of the new energy system. METLEN has the know-how and international experience to deliver projects of this complexity and remains committed to creating energy infrastructure that strengthens security of supply, grid flexibility and the competitiveness of the Greek economy.”
Nikos Tsakos, CEO of TEN Ltd., noted: “Our partnership with METLEN is based on a shared philosophy and common values. METLEN is one of the largest energy and metals companies internationally, with a strong presence and a listing on the London Stock Exchange, reflecting its scale and credibility. We believe in building long-term partnerships founded on trust, consistency and a shared vision. The establishment of our joint venture is an important step in this direction and lays the foundations for the successful implementation of a flagship project for the Greek energy market.”
Captain Panagiotis Tsakos, Founder of Tsakos Group, said: “There is deep appreciation and admiration for Evangelos Mytilineos and METLEN. It is a company that stands out for its professionalism and performance, always with excellence as its goal. I am confident that, through this partnership, we will move forward with strength and achieve even more together.”
For METLEN, the project represents a strategic investment that further strengthens its presence in next-generation renewable energy, combining large-scale power generation and energy storage. At the same time, the Company will undertake both the construction and the energy and commercial management of the unit, leveraging its international expertise in the development of complex hybrid energy projects.
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