Power utility PPC has reached a 2 billion-euro deal with the Mytilineos group for the purchase of a renewable energy portfolio containing roughly 2 GW of solar-farm projects at various stages of development in Bulgaria, Croatia, Italy and Romania.

The deal secures major benefits for both sides. It greatly expands PPC’s RES portfolio and offers the company firmer standing along the Balkan corridor, a position promising to serve its strategic goal of becoming a leading player in green energy, key infrastructure and services in southeast Europe.

As for the Mytilineos group, the 2 billion-euro cash influx from this sale agreement, consisting of 90 solar farm projects, underlines the success of the company’s strategy to develop and sell RES projects, a strategy chosen by its management from the outset and designed to seize on energy-transition opportunities.

Mytilineos will develop, for PPC, ready-to-use solar farms covering the energy needs of 320,000 households in Bulgaria, Croatia, Italy and Romania.

Besides expanding PPC’s presence in the Balkans, the deal, a show of the once-troubled company’s financial strength, also offers entry into a new market, Italy, which the power utility has been eyeing for quite some time. Italy is the EU’s second biggest economy and Europe’s biggest electricity importer.

The nature of the agreement is unprecedented as two fellow Greek corporate groups have combined to secure major growth for both abroad.