EIB commits €400 million to MYTILINEOS for 2.6GW solar PV and battery storage projects across EU

The European Investment Bank committed a €400 million financing facility to MYTILINEOS on 2023-12-21, directly enabling the development of 2.6GW of solar PV and co-located battery storage projects across various EU member states. This capital injection provides MYTILINEOS with the necessary funding to advance a substantial pipeline of hybrid renewable assets. The commercial logic centers on accelerating the deployment of dispatchable green energy capacity, a critical component for grid stability as intermittent renewables scale up across the European Union. MYTILINEOS benefits from long-term financing from the EIB, supporting its expansion strategy for renewable energy development, construction, and operation. This facility specifically targets projects combining solar generation with battery storage, addressing the increasing need for flexible power solutions within the EU energy transition framework. MYTILINEOS, a diversified Greek industrial and energy company reporting €5.49 billion in FY2023 revenue, secures this financing from the European Investment Bank, a multilateral financial institution with a balance sheet exceeding €500 billion. The EIB's mandate includes providing long-term financing for infrastructure and climate action, making MYTILINEOS's 2.6GW hybrid project portfolio a direct fit for its strategic objectives across EU member states. Metlen Energy & Metals, identified as an investor, benefits from this EIB commitment, which supports MYTILINEOS's growth in the energy sector and reinforces Metlen's strategic position at the forefront of the energy transition. This €400 million facility allows MYTILINEOS to expand its renewable energy footprint across EU geographies, leveraging its capabilities in developing, constructing, and operating renewable energy assets, further aligning the EIB's long-term financing with EU climate action priorities.