Motor Oil, PPC Renewables in talks for major wind energy park

Talks between PPC Renewables and the Motor Oil Hellas group for joint development, installation and operation of an island-based wind energy farm with a capacity of approximately 100 MW have reached an advanced stage, sources have informed.

The project’s feasibility, however, will depend on the development of a grid interconnection with the mainland system.

PPC Renewables and Motor Oil are currently examining details concerning the prospective wind farm’s sustainability, interconnection and financing. Once they have reached conclusions, the two sides will decide on whether to proceed with the project.

PPC Renewables and Motor Oil have already joined forces to express first-round interest in a tender offering a stake in DEPA Trade, a new entity established by gas utility DEPA.

PPC Renewables has set as a strategic objective the formation of partnerships with domestic and foreign players for new projects not included in the existing portfolio of parent company PPC, the power utility. PPC Renewables intends to develop these new projects without involvement by PPC.

The company’s wind energy park plan with Motor Oil could serve as a base for more projects involving the two sides.

PPC Renewables has already planned a series of collaborations with foreign partners, including Germany’s RWE, UAE group Masdar Taaleri Generation  D.O.O. (MTG), as well as EDP Renoveis, a Portuguese company with a Chinese main shareholder. PPC Renewables is striving to have developed RES projects with a total capacity of 1.5 GW by 2024.

Motor Oil has made clear its plan to broaden its portfolio with emphasis on green energy. The refining group wants to establish a solid presence in the renewable energy market through acquisitions and partnerships.

Motor Oil has already completed two acquisitions, a wind-energy purchase from Stefaner and a solar energy project acquisition from Metka EGN, a member of the Mytilineos group.

 

Motor Oil makes second renewable energy investment in 3 months

Petroleum group Motor Oil, making gradual, carefully considered and targeted adjustments to meet demands of the renewable energy era, has added 47 MW to its RES portfolio through the acquisition of shares in two companies, Radiant Solar Holdings and Greensol Holdings, at a total cost of 45.8 million euros, the group’s second RES sector initiative in three months.

These stakes were previously held by METKA EGN, a member of the Mytilineos group.

Motor Oil’s move into the RES market will not feature the same traits and coverage of other refining and energy sector companies, officials at the corporate group have informed. However, Motor Oil officials see diversification as necessary for a reduction of the group’s carbon footprint.

The group also plans to develop solar energy parks at its refining units as an energy-saving initiative.

Last October, Motor Oil acquired an 85 percent stake of Stefaner Energy, holding three wind energy production licenses with a total capacity of 9.4 MW.

JinkoSolar to supply 300 MW of ultra-high efficiency modules for Spanish project

JinkoSolar, one of the largest and most innovative solar module manufacturers in the world, has signed a module supply contract with METKA EGN, a world-class EPC contractor, for 300 MW of JinkoSolar’s ultra-high efficiency Cheetah modules to be installed at a large-scale solar power plant, the Talasol project, in the municipality of Talaván, Cáceres, Spain, the company has announced.

“Cheetah modules are widely accepted by the market and have become industry standards. We are delighted that METKA EGN, one of the most professional and experienced EPCs developers globally, has once again placed their trust in the superior quality and reliable performance of our solar modules for this impressive new project in Spain. The Talasol project will create a benchmark in Europe in terms of competitively-priced and subsidy-free solar power. It is also one of the largest utility scale projects ever built in Europe and JinkoSolar is very proud to be a part of such a milestone,” said Frank Niendorf, General Manager of JinkoSolar Europe.

Nikos Papapetrou, CEO of METKA EGN commented: “The 300 MW Talasol project is a landmark venture not only in Spain, but for the whole of Europe. We have our full trust in JinkoSolar, one of the leading companies in the solar industry, as our strategic module supplier and are confident that they will deliver their high-performance, durable and reliable modules on time which will help produce long-term sustainable renewable energy.”

 

Mytilineos group sees major global potential in solar market

The solar energy sector is expected to generate growth for the Mytilineos group’s construction division as soon as 2019, Evangelos Mytilineos, chief executive at the Mytilineos group, noted yesterday during a presentation and analysis of the corporation’s plans.

Mytilineos, whose group is now placing major emphasis on the solar market, essentially offered a description of a forthcoming venture that promises to place a Greek firm at the international forefront of a market offering huge potential.

Collective opinion against climate change will grow immensely and transform into a powerful wave that will prompt political action, the CEO projected.

All forms of renewable energy will constitute the energy of the future, and the present, as the advent of large-scale energy storage technology is just a few decades away, while, until then, natural gas will cover any shortages, Mytilineos pointed out.

The Mytilineos group has forecast its solar-related sales will exceed 400 million euros in 2019. An EBITDA figure of at least 50 million euros is expected from group member, Metka EGN, a leading global EPC contractor for utility-scale solar, energy storage and hybrid power projects.

The Mytilineos group is close to completing negotiations for full ownership of Metka EGN, a company establishing a major international reputation. At present, Metka EGN is preparing to begin work on a project in Mongolia for Total Eren, pursuing a 250-MW project in Australia, as well as projects in Chile, Spain and Kazakhstan.

 

METKA to revise strategy and focus on RES sector, group chief informs

METKA, a Mytilineos group subsidiary providing a complete range of Engineering-Procurement-Construction (EPC) services for energy and infrastructure projects, will implement a new development model for the group’s construction division, to focus on the RES sector, Evangelos Mytilineos, the group’s chief executive, told analysts during an annual briefing held this week.

EPC projects that have propelled METKA over the past few years are ending, which has prompted the need for the corporate group’s construction division to revise its operational strategy and redirect activities, the CEO explained.

The new METKA growth model to be applied will focus equally on contracting and development of new projects, Mytilineos noted, describing the approach as a more efficient model promising better results for the company.

The chief executine noted that METKA sees major opportunities and growth prospects in the RES sector, especially its wind and solar energy sub-sectors. METKA has already developed a formidable RES portolio in Greece and abroad through a joint venture with EGN.

METKA EGN aims to establish a large-scale solar projects portfolio through an ongoing cycle of sales and development of projects, the objective being to achieve compounding growth. This approach, applied successfully by major international firms, has the potential to double METKA’s revenues, company officials believe. METKA EGN could be brought closer to METKA as part of the effort.

Commenting on the possibility of a second production unit at group subisidiary Aluminium of Greece, an investment worth 400 million US dollars, Mytilineos told analysts that a final investment decision would depend on forecasts as well as incentives to be offered by a new investment law for industry. This investment would need to achieve an Internal Rate of Return (IRR) of 17 percent to ensure its sustainability, according to the company.

 

METKA EGN signs new solar EPC deals worth 112m euros

METKA EGN, a joint venture of Mytilineos group member METKA, which holds a 50.1 percent state, and the EGNATIA group, has recently signed a series of deals worth roughly 112 million euros for EPC (Engineering-Procurement-Construction) and O&M (Operation and Maintenance) work concerning seven solar PV power stations with a total capacity of 116 MW.

The biggest of these deals, concerning a 57-MW solar PV power station in Puerto Rico, was signed with Oriana Energy LLC, a subsidiary of the Sonnedix corporate group, a leading independer power producer (IPP). Besides providing EPC work for the facility, to be completed in mid-2016, METKA EGN will also offer O&M services.

METKA EGN has also signed a further six contracts for projects in the UK with leading investors, including Lightsource and Moser Baer, both METKA EGN clients, as well as Canadian Solar, a new client.

These new contracts highlight the international growth prospects of METKA EGN and establish the company as a key player in the global PV sector.