Greece's Mytilineos buys 75-MW Aussie solar project from ESCO

Greek industrial group Mytilineos has acquired a 75-MW solar project in New South Wales, Australia, from domestic renewables developer ESCO Pacific.

The deal concerns the Wyalong solar project, which is backed by a long-term power purchase agreement (PPA), the buyer said on Monday. It did not provide financial information about the purchase.

With Mytilineos now on board as the project’s equity and construction partner, building activities are set to begin, said ESCO Pacific’s managing director Steven Rademaker without giving an exact timeframe for the start of construction.

To be installed at West Wyalong, the photovoltaic (PV) park is expected to produce enough electricity to supply around 30,000 local homes, once operational. Grid connection agreements with the Australian Energy Market Operator and local network company Essential Energy are already in place.

Following the latest acquisition, Mytilineos renewables portfolio in Australia has grown to 290 MW, the Greek company noted. Its Renewables and Storage Development (RSD) Business Unit last year purchased six Aussie projects, three of which are currently being built and will add 120 MW in total.

PwC and HSF acted as Mytilineos’ advisors in the transaction.

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