Greece's Mytilineos seals Italian solar PPA with Saint-Gobain

Greek industrial group Mytilineos SA (FRA:MYH) has signed a deal to sell electricity from a 4.9-MW solar park in Italy to power a local factory of French building materials maker Compagnie de Saint-Gobain SA (EPA:SGO).

The private wire power purchase agreement (PPA) was signed for 10 years, Mytilineos said in a bourse filing on Thursday.

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Under the contract, the Greek company will install the photovoltaic (PV) park on the premises of Saint-Gobain’s factory in Vidalengo, near Bergamo, to produce more than 7.5 GWh of green power annually. The plant is due to be switched on in the middle of this year.

With the contract, Saint-Gobain will secure a significant portion of its Vidalengo production site’s electricity consumption and support its efforts to reach carbon neutrality by 2050.

The PPA signing is aligned with Mytilineos’ plan to evolve into an integrated utility, said Yiannis Kalafatas, chief executive director of the group’s Energy Sector. Earlier this month, it sealed a PPA for the generation of 63 MW of solar farms it is building in Italy with Norwegian energy group Statkraft A/S. The capacity will come from four PV parks scheduled to live during 2023 and first quarter of 2024.

In Italy, Mytilineos owns 157 MW of projects under construction and 2 GW in development, while palms are in place to add an additional 1GW in 2023.