Mytilineos group member METKA, a leading international EPC (Engineering-Procurement-Construction) contractor and industrial manufacturing group active within the energy, infrastructure and defense sectors, has announced the establishment of a new subsidiary firm, METKA EGN, through a joint venture with the EGNATIA group, with the aim of bolstering its portfolio of activities, including in the rapidly growing solar energy market. METKA holds a 50.1 percent stake in the new venture.
METKA EGN will seek to combine EGNATIA’s experience in EPC projects for solar PV systems and related projects with METKA’s overall energy-sector knowhow, widespread geographical presence, and organizational strength. The new venture will strive to capture a leading international place in the solar PV market.
METKA EGN will mainly focus on serving the needs of major international clients, especially in European, Middle East, African, and Latin American markets. Subsidiary firms fully controlled by METKA EGN have already been formed in the UK and Cyprus, while further expansion is planned within 2015 in main markets of Latin America and the Middle East.
Taking into account works already completed and prospective new projects, it is estimated that METKA EGN’s portfolio will be comprised of projects with a total installed capacity of up to 500 MW by the first quarter of 2016.